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{.}4$ million

in anticipation of using it as a warehouse and distribution site, but the 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.