Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $601058. The lot was recently appraised at $827770. At the time of the purchase, the company spent $47260 to grade the lot and another $4405 to build a small building on the lot to house a parking lot attendant who has overseen the use of the lot for daily commuter parking. The company now wants to build a new retail store on the site. The building cost is estimated at $1.7 million.
What amount should be used as the initial cash flow for this building project? (Round answer to 0 decimal places, round intermediate calculations to 5 decimal places)