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

$2\mathrm{.}5$

for $$8\mathrm{.}4$ million in anticipation of using it as a warehouse and distribution site, but the

points

company has since decided to rent facilities elsewhere. If the land were sold today,

the company would net $$11\mathrm{.}2$ million. The company now wants to build its new

manufacturing plant on this land; the plant will cost $$22\mathrm{.}4$ million to build, and the site

requires $$990,000$ worth of grading before it is suitable 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 intermediate calculations and enter your answer in dollars, not

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

Answer is complete but not entirely correct.