Calanque Résidences is building a hotel whose carrying amount already includes 4,000,000 of work done. Another 1,500,000 of work remains to be paid during year 1 before the hotel is ready for use. A partial opening at the end of year 1 should generate 200,000 of receipts and 120,000 of operating payments. Management is testing the hotel at the year-end. What net cash flow should be used for year 1 in value in use?
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