Parker & Stone, Incorporated, Is looking at setting up a new manufacturing plant in South

Park to produce garden tools. The company bought some land six years ago for $$8\mathrm{.}7$

million in anticipation of using it as a warehouse and distribution site, but the company has

since decided to rent facilitles elsewhere. If the land were sold today, the company would

net $$11\mathrm{.}5$ million. The company now wants to bulld its new manufacturing plant on this land;

the plant will cost $$22\mathrm{.}7$ million to bulld, and the site requires $$1,020,000$ worth of grading

before it is sultable for construction. What is the proper cash flow amount to use as the

Initial Investment in fixed assets when evaluating this project?

Note: Do not round Intermedlate calculatlons and enter your answer In dollars, not

millions, rounded to the nearest whole number, e$.$g$.,1,234,567.$

Cash flow

$

$35,220,000$