The following information was taken from the records of Nash SA for the year 2022: Income tax applicable to income from continuing operations R$97,600; income tax applicable to loss on discontinued operations R$20,900, and unrealized holding gain on equity securities designated at fair value through other comprehensive income R$12,300. Gain on sale of plant assets

R$78,000

Cash dividends declared

R$123,000

Loss on discontinued operations

61,500

Retained earnings January 1, 2022

492,000

Administrative expenses

197,000

Cost of goods sold

697,000

Rent revenue

33,000

Selling expenses

246,000

Loss on impairment of land

49,200

Sales revenue

1,394,000

Ordinary shares outstanding during 2022 were 100,000.

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 $319,000. at the time of purchase, the company paid $24,000 to level out the land so it would be suitable for future use. today, the land is valued at $295,000. the company has some unused equipment that it currently owns valued at $38,000. this equipment could be used for producing awnings if $12,000 is spent for equipment modifications. other equipment costing $490,000 will also be required. what is the amount of the initial cash flow for this expansion project?