Kelly's Corner Bakery purchased a lot in Oil City five years ago at a cost of $600,000. Today, that lot has a market value of $840,000. At the time of the purchase, the company spent $49,000 to level the lot and another $3,000 to install storm drains. The company now wants to build a new facility on that site. The building cost is estimated at $1,070,000. What amount should be used as the initial cash flow for this project?

Select the correct choice:

$-1,070,000

$-1,959,000

$-1,670,000

$-1,910,000

$-1,719,000