Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of
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Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $760,000. The lot was recently appraised at $792,000. At the time of the purchase, the company spent $56,000 to grade the lot and another $4,200 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 $1,210,000. What amount should be used as the initial cash flow for this building project?
$1,970,000
$2,011,800
$2,002,000
$2,007,600
$1,979,800
Related Book For
Foundations of Financial Management
ISBN: 978-1259194078
15th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
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