Armans Mart, a local supermarket, is considering an expansion project of adding a small deli shop inside the store. Armans Mart owns a large corner space adjacent to the store and decides to utilize this corner space to host the deli shop. It acquired the corner space 5 years ago at a cost of $45,000. At the time of the purchase, Armans Mart spent $12,000 on basic renovations, including pushing down a wall to link the space to the main store. The corner space can be rented out today and total value of renting income is estimated to be $55,000. Additional renovation costs will be $8,000 to make the deli shop functional and attractive. Armans Mart has some unused kitchen equipment, which will be used for the deli project. This equipment can be sold for $9,500 today. Armans Mart hired a local financial firm to help evaluate the deli project at a fee of $5,000. The company also spent another $2,000 to conduct surveys to analyze local demand for the deli shop. What is the amount of the total initial cash flow for this expansion project?

A. $63,000

B. $72,500

C. $74,500

D. $79,500

E. None of the above