Sailcloth & More currently produces boat sails and is considering expanding its

Sailcloth & More currently produces boat sails
and is considering expanding its operations to include awnings for homes and
travel trailers. The company owns land beside its current manufacturing
facility that could be used for the expansion. The company bought this land 5
years ago at a cost of $319000. At the time of purchase the company paid
$24000 to level out the land so it would be suitable for future use. Today
the land is valued at $295000. The company has some unused equipment that it
currently owns valued at $38000. This equipment could be used for producing
awnings if $12000 is spent for equipment modifications. Other equipment
costing $490000 will also be required. What is the amount of the initial cash
flow for this expansion project?