HighlandHighland Clothing purchased land, paying $ 96 comma 000$96,000 cash and signing a $ 300 comma 000$300,000 note payable. In addition, HighlandHighland paid delinquent property tax of $ 1 comma 100$1,100, title insurance costing $ 600$600, and $ 4 comma 600$4,600 to level the land and remove an unwanted building. Record the journal entry for purchase of the land.

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?