Elsa-Mala owns land right next to its current manufacturing facility that could be used for a proposed expansion. The company bought this land 8 years ago at a cost of $423,000. At the time of purchase, the company paid $44,000 to level out the land so it would be suitable for future use. Today, the land is valued at $529,000. The company has some unused equipment that it currently owns valued at $32,000. This equipment could be used for production if $8,000 is spent for equipment modifications. Other equipment costing $425,000 will also be required. What is the amount of the initial cash flow for this expansion project?

Choose one of the following below:

994,000

1,008,000

1,011,000

1,006,000

1,003,000