Marshall Industries Limited is a large publicly listed company and is the market leader in vacuum cleaner manufacturing in New Zealand. The company is undertaking a six-year project to set up a manufacturing plant overseas to produce a new line of commercial vacuum cleaners. The company bought a piece of land four years ago for $ 8 million in anticipation of using it for its proposed manufacturing plant. If the company sold the land today, it would receive $ 9.75 million after taxes. In six years, the land can be sold for $14 million after taxes and reclamation costs. The manufacturing plant will cost $275 million to build. The following market data on Marshall Industries Ltd are current: Debt $120,000,000,7.25% coupon bonds outstanding with 20 years to maturity redeemable at par, selling for 95 per cent of par; the bonds have a $1000 par value each and make semi-annual coupon payments. 15,000,000 ordinary shares, selling for $55 per share 12,000,000 shares (par value $ 10 per share) with 6.5% dividends (after taxes), selling for $32 per share Equity Non-redeemable Preference shares The following information is relevant: Marshall Industries Limited's tax rate is 28% The company had been paying dividends on its ordinary shares consistently. Dividends paid during the past six years is as follows Year (-5) ($) 4.5 Year (-4) ($) 4.7 Year (-3) ($) 5.0 Year (-2) ($) 5.3 Year (-1) ($) 5.5 Year (0) ($) 6.0 The project requires $ 8.25 million in initial net working capital investment in year zero. Question: Calculate the project's initial (time 0) cash flows