What I want is a write-up and completed model...

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enron-apartments-mar13-v1.xls
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Case_Study

Total Units 500
Avg. SF/Unit 700
Construction Cost/SF $100
Land Cost $750,000
Occupancy % (Avg/yr) 75%
Rental/Unit/Mo $2,000
Start of Construction 1/1/99
Construction Period - Months 12
Assume Straight-Line Drawdown Schedule over Construction Period
Debt/Equity Ratio 80/20
Loan Package
Commitment Fee 0.50%
Finance Fee 1.50%
Rate 7.50%
Term - Yrs (from Grand Opening) 20
Debt Amortization Mortgage Style
US GAAP Depreciation
Method Straight-Line
Years 40
US Tax Depreciation
Method Straight-Line
Years 30
US Tax Rate 35%
Expenses:
Management Fee Payable 1998$ 2,000 per month
Outside Maintenance 1998$ 1,000 per month
Common Utilities 1998$ 1,500 per month
Insurance 1998$ 750 per month
Assumed Annual Inflation/Escalation 2.00%
Please note any assumptions you have made in determining your analysis
Starting with a blank Excel worksheet, build a financial model of the proposed venture
Allow yourself about four hours to work on this task
Do not use any type of reference materials
Save an electronic copy of the model on g:/common/dev_fin\admin\training\"your name".xls

Inputs

Sources 107,863,893 Construction Financing
Equity 21,572,779 Unit Total 500 LIBOR 6.00%
Investor 1 21,572,779 Avg SF/Unit 700 Debt/Equity Ratio 80%
Investor 2 Cost/SF 300 Financing Fee 1.50%
Debt 86,291,114
Tranche 1 86,291,114 Inflation/Escalation 2.00% Construction
Tranche 2 Spread 1.50%
Operations Year $ $/mo Swap Rate 0
Uses 107,863,893 Rental/Unit 1998 2,000 Comm Fee 0.50%
Land Purchase 750,000 Loan Rate 7.50%
Construction Cost 105,000,000 Vacancy 25%
IDC 669,962 Term
Working Capital 1,443,931 Management Fee 1998 2,000 Spread 1.50%
Outside Maintenance 1998 1,000 Swap Rate 0%
Surplus/(Deficit) - 0 Common Utilities 1998 1,500 Loan Rate 7.50%
Insurance 1998 750 Tenor 20
Valuation
Operations (Pretax) 17,905,011 43.59% Schedule Accounting
Reversion (Pretax) 23,174,588 56.41% Beg. Of Construction/Fnan Close 1-Jan-99 Working Capital (Mo P&I) 3
Total PV 41,079,600 Construction Months 12 Days Receivable 30
CF0 (21,572,779) CoD 1-Jan-00 Days Payable 30
NPV (Pretax) 19,506,821 Mimimum Cash Balance 500,000
IRR (Aftertax) 10.29% Sale
Cash-on-Cash Capitalization Rate 8.00% Depreciation
Average 12.61% Sales Expense 6.00% Book Str-Line 30
Minimum 4.66% Sales Year 20 Tax Str-Line 40
DSCR Tax
Average 1.33 Valuation State 6.50%
Minimum 1.10 Discount Rate 10% Federal 35.00%
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Draw

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Months 1-Jan-99 1-Feb-99 1-Mar-99 1-Apr-99 1-May-99 1-Jun-99 1-Jul-99 1-Aug-99 1-Sep-99 1-Oct-99 1-Nov-99 1-Dec-99 N/A N/A N/A N/A N/A N/A N/A N/A
Draw Schedule
Complex Cost 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 8.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Land 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Draw Amount
Complex Cost 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Land 750,000 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Mo Draw 107,193,931 9,620,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 8,870,328 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Interest 669,962 60,127 55,440 55,440 55,440 55,440 55,440 55,440 55,440 55,440 55,440 55,440 55,440 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Comm Fee (3,075,558) (7,400) (55,779) (100,408) (145,037) (189,666) (234,295) (278,923) (323,552) (368,181) (412,810) (457,439) (502,068) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
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Debt

Principal 86,291,114
Interest 7.50%
Tenor 20
I/O
# BoP Interest Principal EoP
1 86,291,114 6,471,834 1,992,651 84,298,463
2 84,298,463 6,322,385 2,142,100 82,156,363
3 82,156,363 6,161,727 2,302,757 79,853,606
4 79,853,606 5,989,020 2,475,464 77,378,142
5 77,378,142 5,803,361 2,661,124 74,717,018
6 74,717,018 5,603,776 2,860,708 71,856,310
7 71,856,310 5,389,223 3,075,261 68,781,049
8 68,781,049 5,158,579 3,305,906 65,475,143
9 65,475,143 4,910,636 3,553,849 61,921,294
10 61,921,294 4,644,097 3,820,387 58,100,907
11 58,100,907 4,357,568 4,106,916 53,993,990
12 53,993,990 4,049,549 4,414,935 49,579,055
13 49,579,055 3,718,429 4,746,055 44,833,000
14 44,833,000 3,362,475 5,102,010 39,730,990
15 39,730,990 2,979,824 5,484,660 34,246,330
16 34,246,330 2,568,475 5,896,010 28,350,320
17 28,350,320 2,126,274 6,338,210 22,012,110
18 22,012,110 1,650,908 6,813,576 15,198,534
19 15,198,534 1,139,890 7,324,594 7,873,939
20 7,873,939 590,545 7,873,939 (0)
21 0 0 0 0
22 0 0 0 0
23 0 0 0 0
24 0 0 0 0
25 0 0 0 0
26 0 0 0 0
27 0 0 0 0
28 0 0 0 0
29 0 0 0 0
30 0 0 0 0

Revenue

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Month 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenue
Rental Units 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500
Mo/Yr 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Avg Vacancy 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Avg Units for Rent 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0 375.0
Price, $/Unit/yr 24,970 25,469 25,978 26,498 27,028 27,568 28,120 28,682 29,256 29,841 30,438 31,047 31,667 32,301 32,947 33,606 34,278 34,963 35,663 36,376 37,104 37,846 38,602 39,375 40,162
TTL Revenue 9,363,600 9,550,872 9,741,889 9,936,727 10,135,462 10,338,171 10,544,934 10,755,833 10,970,950 11,190,369 11,414,176 11,642,460 11,875,309 12,112,815 12,355,071 12,602,173 12,854,216 13,111,301 13,373,527 13,640,997 13,913,817 14,192,093 14,475,935 14,765,454 15,060,763
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O&M

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Expense
Management Fee 24,970 25,469 25,978 26,498 27,028 27,568 28,120 28,682 29,256 29,841 30,438 31,047 31,667 32,301 32,947 33,606 34,278 34,963 35,663 36,376 37,104 37,846 38,602 39,375 40,162
Outside Maintenance 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341 14,628 14,920 15,219 15,523 15,834 16,150 16,473 16,803 17,139 17,482 17,831 18,188 18,552 18,923 19,301 19,687 20,081
Common Utilities 18,727 19,102 19,484 19,873 20,271 20,676 21,090 21,512 21,942 22,381 22,828 23,285 23,751 24,226 24,710 25,204 25,708 26,223 26,747 27,282 27,828 28,384 28,952 29,531 30,122
Insurance 9,364 9,551 9,742 9,937 10,135 10,338 10,545 10,756 10,971 11,190 11,414 11,642 11,875 12,113 12,355 12,602 12,854 13,111 13,374 13,641 13,914 14,192 14,476 14,765 15,061
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Balance

Period 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Current Assets
Cash 1,443,931 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Accounts Receivable 0 769,084 784,466 800,155 816,158 832,481 849,131 866,114 883,436 901,105 919,127 937,509 956,260 975,385 994,892 1,014,790 1,035,086 1,055,788 1,076,904 1,098,442 1,120,410 1,142,819 1,165,675 1,188,989 1,212,768 1,237,024
Other Current Assets 0
Total Current Assets 1,443,931 1,269,084 1,284,466 1,300,155 1,316,158 1,332,481 1,349,131 1,366,114 1,383,436 1,401,105 1,419,127 1,437,509 1,456,260 1,475,385 1,494,892 1,514,790 1,535,086 1,555,788 1,576,904 1,598,442 1,620,410 1,642,819 1,665,675 1,688,989 1,712,768 1,737,024
Long - Term Assets
Property 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000
Plant & Equipment 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000 105,000,000
Less: Book Depreciation - 0 (3,522,332) (7,044,664) (10,566,996) (14,089,328) (17,611,660) (21,133,992) (24,656,324) (28,178,657) (31,700,989) (35,223,321) (38,745,653) (42,267,985) (45,790,317) (49,312,649) (52,834,981) (56,357,313) (59,879,645) (63,401,977) (66,924,309) (70,446,641) (73,968,973) (77,491,306) (81,013,638) (84,535,970) (88,058,302)
Net Property, Plant & Equipment 105,750,000 102,227,668 98,705,336 95,183,004 91,660,672 88,138,340 84,616,008 81,093,676 77,571,343 74,049,011 70,526,679 67,004,347 63,482,015 59,959,683 56,437,351 52,915,019 49,392,687 45,870,355 42,348,023 38,825,691 35,303,359 31,781,027 28,258,694 24,736,362 21,214,030 17,691,698
Other Assets 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962 669,962
Total Long - Term Assets 106,419,962 102,897,630 99,375,298 95,852,966 92,330,634 88,808,302 85,285,970 81,763,638 78,241,306 74,718,973 71,196,641 67,674,309 64,151,977 60,629,645 57,107,313 53,584,981 50,062,649 46,540,317 43,017,985 39,495,653 35,973,321 32,450,989 28,928,657 25,406,324 21,883,992 18,361,660
TOTAL ASSETS 107,863,893 104,166,714 100,659,764 97,153,121 93,646,792 90,140,783 86,635,101 83,129,751 79,624,742 76,120,078 72,615,768 69,111,819 65,608,237 62,105,030 58,602,206 55,099,771 51,597,735 48,096,105 44,594,888 41,094,094 37,593,731 34,093,807 30,594,332 27,095,313 23,596,761 20,098,684
Current Liabilities
Accounts Payable - 0 294,692 294,800 294,910 295,022 295,136 295,253 295,371 295,493 295,616 295,742 295,871 296,002 296,136 296,273 296,412 296,554 296,699 296,847 296,998 297,151 297,308 297,468 297,632 297,798 297,968
Current Maturities of LT Debt 1,992,651 2,142,100 2,302,757 2,475,464 2,661,124 2,860,708 3,075,261 3,305,906 3,553,849 3,820,387 4,106,916 4,414,935 4,746,055 5,102,010 5,484,660 5,896,010 6,338,210 6,813,576 7,324,594 7,873,939 - 0 - 0 - 0 - 0 - 0 - 0
Total Current Liabilities 1,992,651 2,436,792 2,597,557 2,770,374 2,956,146 3,155,844 3,370,514 3,601,277 3,849,341 4,116,004 4,402,659 4,710,806 5,042,058 5,398,146 5,780,933 6,192,422 6,634,765 7,110,275 7,621,441 8,170,937 297,151 297,308 297,468 297,632 297,798 297,968
Long - Term Liabilities
Long - Term Debt (Initial Financing) 84,298,463 82,156,363 79,853,606 77,378,142 74,717,018 71,856,310 68,781,049 65,475,143 61,921,294 58,100,907 53,993,990 49,579,055 44,833,000 39,730,990 34,246,330 28,350,320 22,012,110 15,198,534 7,873,939 (0) - 0 - 0 - 0 - 0 - 0 - 0
Other LT Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Long - Term Liabilities 84,298,463 82,156,363 79,853,606 77,378,142 74,717,018 71,856,310 68,781,049 65,475,143 61,921,294 58,100,907 53,993,990 49,579,055 44,833,000 39,730,990 34,246,330 28,350,320 22,012,110 15,198,534 7,873,939 (0) - 0 - 0 - 0 - 0 - 0 - 0
TOTAL LIABILITIES 86,291,114 84,593,155 82,451,163 80,148,516 77,673,164 75,012,154 72,151,563 69,076,420 65,770,636 62,216,911 58,396,649 54,289,862 49,875,058 45,129,136 40,027,263 34,542,742 28,646,875 22,308,809 15,495,380 8,170,937 297,151 297,308 297,468 297,632 297,798 297,968
Partners' Equity
Paid-In Capital 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779 21,572,779
Retained Earnings (BOP) 0 - 0 (1,999,220) (3,364,178) (4,568,173) (5,599,150) (6,444,150) (7,089,241) (7,519,448) (7,718,673) (7,669,611) (7,353,660) (6,750,821) (5,839,599) (4,596,885) (2,997,836) (1,015,749) 1,378,082 4,214,517 7,526,729 11,350,379 15,723,801 12,223,720 8,724,085 5,224,903 1,726,184
Earnings (Before Inc. Tax) 0 (696,111) (360,701) (10,363) 355,818 738,821 1,139,695 1,559,565 1,999,632 2,461,185 2,945,607 3,454,377 3,989,081 4,551,420 5,143,218 5,766,430 6,423,151 7,115,631 7,846,281 8,617,690 173,098,830 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
Partner Distribution 0 1,303,109 1,004,257 1,193,632 1,386,795 1,583,820 1,784,786 1,989,772 2,198,857 2,412,124 2,629,656 2,851,539 3,077,859 3,308,706 3,544,170 3,784,343 4,029,319 4,279,195 4,534,069 4,794,040 168,725,408 13,794,169 14,070,052 14,351,453 14,638,482 14,931,252
Retained Earnings (EOP) 0 (1,999,220) (3,364,178) (4,568,173) (5,599,150) (6,444,150) (7,089,241) (7,519,448) (7,718,673) (7,669,611) (7,353,660) (6,750,821) (5,839,599) (4,596,885) (2,997,836) (1,015,749) 1,378,082 4,214,517 7,526,729 11,350,379 15,723,801 12,223,720 8,724,085 5,224,903 1,726,184 (1,772,062)
TOTAL PARTNERS' EQUITY 21,572,779 19,573,559 18,208,600 17,004,605 15,973,628 15,128,629 14,483,538 14,053,331 13,854,106 13,903,167 14,219,119 14,821,957 15,733,179 16,975,894 18,574,942 20,557,029 22,950,861 25,787,296 29,099,508 32,923,158 37,296,580 33,796,499 30,296,863 26,797,681 23,298,963 19,800,716
TOTAL LIABILITIES & PARTNERS' EQUITY 107,863,893 104,166,714 100,659,764 97,153,121 93,646,792 90,140,783 86,635,101 83,129,751 79,624,742 76,120,078 72,615,768 69,111,819 65,608,237 62,105,030 58,602,206 55,099,771 51,597,735 48,096,105 44,594,888 41,094,094 37,593,731 34,093,807 30,594,332 27,095,313 23,596,761 20,098,684
A = L + PE ???? - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (0) (0) (0) (0)
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Income

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenue
Rentals 9,363,600 9,550,872 9,741,889 9,936,727 10,135,462 10,338,171 10,544,934 10,755,833 10,970,950 11,190,369 11,414,176 11,642,460 11,875,309 12,112,815 12,355,071 12,602,173 12,854,216 13,111,301 13,373,527 13,640,997 13,913,817 14,192,093 14,475,935 14,765,454 15,060,763
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Revenue 9,363,600 9,550,872 9,741,889 9,936,727 10,135,462 10,338,171 10,544,934 10,755,833 10,970,950 11,190,369 11,414,176 11,642,460 11,875,309 12,112,815 12,355,071 12,602,173 12,854,216 13,111,301 13,373,527 13,640,997 13,913,817 14,192,093 14,475,935 14,765,454 15,060,763
Expenses
Fix
Management Fee 24,970 25,469 25,978 26,498 27,028 27,568 28,120 28,682 29,256 29,841 30,438 31,047 31,667 32,301 32,947 33,606 34,278 34,963 35,663 36,376 37,104 37,846 38,602 39,375 40,162
Outside Maintenance 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341 14,628 14,920 15,219 15,523 15,834 16,150 16,473 16,803 17,139 17,482 17,831 18,188 18,552 18,923 19,301 19,687 20,081
Common Utilities 18,727 19,102 19,484 19,873 20,271 20,676 21,090 21,512 21,942 22,381 22,828 23,285 23,751 24,226 24,710 25,204 25,708 26,223 26,747 27,282 27,828 28,384 28,952 29,531 30,122
Insurance 9,364 9,551 9,742 9,937 10,135 10,338 10,545 10,756 10,971 11,190 11,414 11,642 11,875 12,113 12,355 12,602 12,854 13,111 13,374 13,641 13,914 14,192 14,476 14,765 15,061
Total Fix 65,545 66,856 68,193 69,557 70,948 72,367 73,815 75,291 76,797 78,333 79,899 81,497 83,127 84,790 86,485 88,215 89,980 91,779 93,615 95,487 97,397 99,345 101,332 103,358 105,425
Variable
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Variable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Expenses 65,545 66,856 68,193 69,557 70,948 72,367 73,815 75,291 76,797 78,333 79,899 81,497 83,127 84,790 86,485 88,215 89,980 91,779 93,615 95,487 97,397 99,345 101,332 103,358 105,425
EBITDA (NOI) 9,298,055 9,484,016 9,673,696 9,867,170 10,064,514 10,265,804 10,471,120 10,680,542 10,894,153 11,112,036 11,334,277 11,560,962 11,792,182 12,028,025 12,268,586 12,513,958 12,764,237 13,019,521 13,279,912 13,545,510 13,816,420 14,092,749 14,374,604 14,662,096 14,955,338
Depreciation / Amort 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332
EBIT 5,775,723 5,961,684 6,151,364 6,344,838 6,542,181 6,743,472 6,948,788 7,158,210 7,371,821 7,589,704 7,811,945 8,038,630 8,269,850 8,505,693 8,746,254 8,991,625 9,241,905 9,497,189 9,757,580 10,023,178 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
Other Income / Expense
Interest Expense - Debt Service 6,471,834 6,322,385 6,161,727 5,989,020 5,803,361 5,603,776 5,389,223 5,158,579 4,910,636 4,644,097 4,357,568 4,049,549 3,718,429 3,362,475 2,979,824 2,568,475 2,126,274 1,650,908 1,139,890 590,545 - 0 - 0 - 0 - 0 - 0
Other
Other
Other
Total Other Expenses 6,471,834 6,322,385 6,161,727 5,989,020 5,803,361 5,603,776 5,389,223 5,158,579 4,910,636 4,644,097 4,357,568 4,049,549 3,718,429 3,362,475 2,979,824 2,568,475 2,126,274 1,650,908 1,139,890 590,545 - 0 - 0 - 0 - 0 - 0
Gain on Sale
Net Sales Proceeds - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 162,342,939 - 0 - 0 - 0 - 0 - 0
Working Capital Return - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 823,259 - 0 - 0 - 0 - 0 - 0
Return of Cash to Partners - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 500,000 - 0 - 0 - 0 - 0 - 0
Total Gain on Sales - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 163,666,198 - 0 - 0 - 0 - 0 - 0
EBT (696,111) (360,701) (10,363) 355,818 738,821 1,139,695 1,559,565 1,999,632 2,461,185 2,945,607 3,454,377 3,989,081 4,551,420 5,143,218 5,766,430 6,423,151 7,115,631 7,846,281 8,617,690 173,098,830 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
Federal + State Tax (273,049) (141,485) (4,065) 139,569 289,802 447,046 611,739 784,355 965,400 1,155,414 1,354,979 1,564,717 1,785,295 2,017,427 2,261,882 2,519,481 2,791,106 3,077,704 3,380,289 67,898,016 4,037,856 4,146,246 4,256,804 4,369,572 4,484,596
Net Income (423,061) (219,216) (6,298) 216,248 449,018 692,650 947,825 1,215,276 1,495,785 1,790,193 2,099,398 2,424,364 2,766,126 3,125,791 3,504,548 3,903,670 4,324,525 4,768,577 5,237,401 105,200,814 6,256,232 6,424,171 6,595,468 6,770,191 6,948,409
Coverage Ratio
Cash Available for Debt Service 9,298,055 9,484,016 9,673,696 9,867,170 10,064,514 10,265,804 10,471,120 10,680,542 10,894,153 11,112,036 11,334,277 11,560,962 11,792,182 12,028,025 12,268,586 12,513,958 12,764,237 13,019,521 13,279,912 13,545,510 13,816,420 14,092,749 14,374,604 14,662,096 14,955,338
(Operating Income + Dep/Amort)
Debt Service 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 8,464,485 - 0 - 0 - 0 - 0 - 0
DSCR 1.10 1.12 1.14 1.17 1.19 1.21 1.24 1.26 1.29 1.31 1.34 1.37 1.39 1.42 1.45 1.48 1.51 1.54 1.57 1.60 0.00 0.00 0.00 0.00 0.00
Average 1.33
Minimum 1.10
&L&D, &T&CPage &P of &N&REnron...&F, &A

Cash

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Earnings Before Income Taxes (696,111) (360,701) (10,363) 355,818 738,821 1,139,695 1,559,565 1,999,632 2,461,185 2,945,607 3,454,377 3,989,081 4,551,420 5,143,218 5,766,430 6,423,151 7,115,631 7,846,281 8,617,690 173,098,830 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
Adjustments 3,047,940 3,507,058 3,506,753 3,506,441 3,506,123 3,505,799 3,505,468 3,505,131 3,504,787 3,504,436 3,504,078 3,503,713 3,503,341 3,502,961 3,502,574 3,502,178 3,501,775 3,501,364 3,500,945 3,500,517 3,500,081 3,499,636 3,499,182 3,498,719 3,498,246
Book Depreciation/Amortization 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332
Working Capital (Increase)/Decrease (474,392) (15,274) (15,579) (15,891) (16,209) (16,533) (16,864) (17,201) (17,545) (17,896) (18,254) (18,619) (18,991) (19,371) (19,759) (20,154) (20,557) (20,968) (21,387) (21,815) (22,251) (22,696) (23,150) (23,613) (24,086)
Operating Cash Flow 2,351,829 3,146,357 3,496,389 3,862,259 4,244,944 4,645,494 5,065,033 5,504,763 5,965,972 6,450,043 6,958,455 7,492,794 8,054,761 8,646,179 9,269,003 9,925,329 10,617,406 11,347,645 12,118,635 176,599,347 13,794,169 14,070,052 14,351,453 14,638,482 14,931,252
Financing (1,992,651) (2,142,100) (2,302,757) (2,475,464) (2,661,124) (2,860,708) (3,075,261) (3,305,906) (3,553,849) (3,820,387) (4,106,916) (4,414,935) (4,746,055) (5,102,010) (5,484,660) (5,896,010) (6,338,210) (6,813,576) (7,324,594) (7,873,939) - 0 - 0 - 0 - 0 - 0
Principal Payments (1,992,651) (2,142,100) (2,302,757) (2,475,464) (2,661,124) (2,860,708) (3,075,261) (3,305,906) (3,553,849) (3,820,387) (4,106,916) (4,414,935) (4,746,055) (5,102,010) (5,484,660) (5,896,010) (6,338,210) (6,813,576) (7,324,594) (7,873,939) - 0 - 0 - 0 - 0 - 0
Investment - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 163,666,198 - 0 - 0 - 0 - 0 - 0
Net Sales Proceeds - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 162,342,939 - 0 - 0 - 0 - 0 - 0
Working Capital Return - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 823,259 - 0 - 0 - 0 - 0 - 0
Return of Min Cash Balance - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 500,000 - 0 - 0 - 0 - 0 - 0
Capital Expenditures
Project Cash Flow 359,178 1,004,257 1,193,632 1,386,795 1,583,820 1,784,786 1,989,772 2,198,857 2,412,124 2,629,656 2,851,539 3,077,859 3,308,706 3,544,170 3,784,343 4,029,319 4,279,195 4,534,069 4,794,040 168,725,408 13,794,169 14,070,052 14,351,453 14,638,482 14,931,252
Cash Balance and Distributions to Equity
Cash Balance (BOP) 1,443,931 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Project Cash Flow 359,178 1,004,257 1,193,632 1,386,795 1,583,820 1,784,786 1,989,772 2,198,857 2,412,124 2,629,656 2,851,539 3,077,859 3,308,706 3,544,170 3,784,343 4,029,319 4,279,195 4,534,069 4,794,040 168,725,408 13,794,169 14,070,052 14,351,453 14,638,482 14,931,252
Minimum Cash Balance 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Cash Available for Distribution 1,303,109 1,004,257 1,193,632 1,386,795 1,583,820 1,784,786 1,989,772 2,198,857 2,412,124 2,629,656 2,851,539 3,077,859 3,308,706 3,544,170 3,784,343 4,029,319 4,279,195 4,534,069 4,794,040 168,725,408 13,794,169 14,070,052 14,351,453 14,638,482 14,931,252
Partner Distribution 1,303,109 1,004,257 1,193,632 1,386,795 1,583,820 1,784,786 1,989,772 2,198,857 2,412,124 2,629,656 2,851,539 3,077,859 3,308,706 3,544,170 3,784,343 4,029,319 4,279,195 4,534,069 4,794,040 168,725,408 13,794,169 14,070,052 14,351,453 14,638,482 14,931,252
Minimum Cash Balance 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Cash Balance (EOP) 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Less Income Taxes
State Taxes 11,991 33,792 56,564 80,366 105,261 131,318 158,610 187,214 217,215 248,702 281,772 316,528 353,080 391,547 432,056 474,743 519,754 567,246 617,388 11,308,662 726,354 744,315 762,636 781,323 800,383
Federal Taxes 60,369 170,131 284,779 404,612 529,950 661,136 798,538 942,550 1,093,594 1,252,121 1,418,616 1,593,598 1,777,623 1,971,289 2,175,235 2,390,147 2,616,761 2,855,866 3,108,310 56,934,763 3,656,911 3,747,340 3,839,577 3,933,658 4,029,622
Total Taxes 72,359 203,924 341,344 484,978 635,211 792,454 957,148 1,129,764 1,310,809 1,500,823 1,700,388 1,910,126 2,130,703 2,362,836 2,607,291 2,864,890 3,136,515 3,423,112 3,725,698 68,243,425 4,383,265 4,491,655 4,602,212 4,714,981 4,830,005
Less Equity Investment (21,572,779)
1-Jan-99 1-Jul-00 1-Jul-01 1-Jul-02 1-Jul-03 1-Jul-04 1-Jul-05 1-Jul-06 1-Jul-07 1-Jul-08 1-Jul-09 1-Jul-10 1-Jul-11 1-Jul-12 1-Jul-13 1-Jul-14 1-Jul-15 1-Jul-16 1-Jul-17 1-Jul-18 1-Jul-19 1-Jul-20 1-Jul-21 1-Jul-22 1-Jul-23 1-Jul-24
Operations Cash Flow - 0 1,303,109 1,004,257 1,193,632 1,386,795 1,583,820 1,784,786 1,989,772 2,198,857 2,412,124 2,629,656 2,851,539 3,077,859 3,308,706 3,544,170 3,784,343 4,029,319 4,279,195 4,534,069 4,794,040 5,059,211 - 0 - 0 - 0 - 0 - 0
Sales Cash Flow - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 163,666,198 - 0 - 0 - 0 - 0 - 0
Less Taxes - 0 (72,359) (203,924) (341,344) (484,978) (635,211) (792,454) (957,148) (1,129,764) (1,310,809) (1,500,823) (1,700,388) (1,910,126) (2,130,703) (2,362,836) (2,607,291) (2,864,890) (3,136,515) (3,423,112) (3,725,698) (68,243,425) - 0 - 0 - 0 - 0 - 0
Net Cash Flow (21,572,779) 1,230,750 800,334 852,288 901,816 948,609 992,332 1,032,624 1,069,093 1,101,315 1,128,833 1,151,151 1,167,733 1,178,003 1,181,334 1,177,052 1,164,430 1,142,681 1,110,957 1,068,343 100,481,983 - 0 - 0 - 0 - 0 - 0
Cash-on-Cash Return 6.04% 4.66% 5.53% 6.43% 7.34% 8.27% 9.22% 10.19% 11.18% 12.19% 13.22% 14.27% 15.34% 16.43% 17.54% 18.68% 19.84% 21.02% 22.22% 23.45% 0.00% 0.00% 0.00% 0.00% 0.00%
Average 12.61%
Minimum 4.66%
Valuation
Operations (Pretax) 17,905,011 43.59%
Reversion (Pretax) 23,174,588 56.41%
Total PV 41,079,600
CF0 (21,572,779)
NPV (Pretax) 19,506,821
IRR (Aftertax) 10.29%
&L&D, &T&CPage &P of &N&REnron...&F, &A

Sale

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Month 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Gross Sales Price - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 172,705,254 - 0 - 0 - 0 - 0 - 0
Sales Expense - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 10,362,315 - 0 - 0 - 0 - 0 - 0
Net Sales Proceeds - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 162,342,939 - 0 - 0 - 0 - 0 - 0
Accounts Receivable - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 1,120,410 - 0 - 0 - 0 - 0 - 0
Accounts Payable - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 297,151 - 0 - 0 - 0 - 0 - 0
Net Working Capital - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 823,259 - 0 - 0 - 0 - 0 - 0
Cash Balance Return - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 500,000 - 0 - 0 - 0 - 0 - 0

Depr

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Book Depreciation 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33% 3.33%
30 -Yr SL 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332
Cap Cost less Land
Tax Depreciation 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
40 -Yr SL 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749
Cap Cost less Land
&L&D, &T&CPage &P of &N&REnron...&F, &A

Tax

Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Pre-Tax Net Income (696,111) (360,701) (10,363) 355,818 738,821 1,139,695 1,559,565 1,999,632 2,461,185 2,945,607 3,454,377 3,989,081 4,551,420 5,143,218 5,766,430 6,423,151 7,115,631 7,846,281 8,617,690 173,098,830 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
Book Depreciation 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332 3,522,332
Operating Income (Net Book Dep) 2,826,221 3,161,631 3,511,969 3,878,150 4,261,153 4,662,027 5,081,897 5,521,964 5,983,517 6,467,939 6,976,709 7,511,413 8,073,753 8,665,550 9,288,762 9,945,483 10,637,963 11,368,613 12,140,022 176,621,162 13,816,420 14,092,749 14,374,604 14,662,096 14,955,338
Less Tax Depreciation/Amortization 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749 2,641,749
Taxable Income 184,472 519,882 870,220 1,236,401 1,619,404 2,020,278 2,440,148 2,880,215 3,341,768 3,826,190 4,334,960 4,869,664 5,432,004 6,023,801 6,647,013 7,303,734 7,996,214 8,726,864 9,498,273 173,979,413 11,174,671 11,451,000 11,732,855 12,020,347 12,313,589
State Income Tax Calculation
State Taxable Income 184,472 519,882 870,220 1,236,401 1,619,404 2,020,278 2,440,148 2,880,215 3,341,768 3,826,190 4,334,960 4,869,664 5,432,004 6,023,801 6,647,013 7,303,734 7,996,214 8,726,864 9,498,273 173,979,413 11,174,671 11,451,000 11,732,855 12,020,347 12,313,589
State Income Tax Rate 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
State Income Taxes Payable 11,991 33,792 56,564 80,366 105,261 131,318 158,610 187,214 217,215 248,702 281,772 316,528 353,080 391,547 432,056 474,743 519,754 567,246 617,388 11,308,662 726,354 744,315 762,636 781,323 800,383
US Federal Taxable Income 172,481 486,090 813,656 1,156,035 1,514,143 1,888,960 2,281,538 2,693,001 3,124,553 3,577,488 4,053,187 4,553,136 5,078,923 5,632,254 6,214,957 6,828,991 7,476,460 8,159,618 8,880,885 162,670,751 10,448,318 10,706,685 10,970,219 11,239,024 11,513,205
US Federal Income Tax Rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
US Federal Income Taxes Payable 60,369 170,131 284,779 404,612 529,950 661,136 798,538 942,550 1,093,594 1,252,121 1,418,616 1,593,598 1,777,623 1,971,289 2,175,235 2,390,147 2,616,761 2,855,866 3,108,310 56,934,763 3,656,911 3,747,340 3,839,577 3,933,658 4,029,622
Total Income Taxes Payable 72,359 203,924 341,344 484,978 635,211 792,454 957,148 1,129,764 1,310,809 1,500,823 1,700,388 1,910,126 2,130,703 2,362,836 2,607,291 2,864,890 3,136,515 3,423,112 3,725,698 68,243,425 4,383,265 4,491,655 4,602,212 4,714,981 4,830,005
Book Income Tax
Pre-Tax Net Income (696,111) (360,701) (10,363) 355,818 738,821 1,139,695 1,559,565 1,999,632 2,461,185 2,945,607 3,454,377 3,989,081 4,551,420 5,143,218 5,766,430 6,423,151 7,115,631 7,846,281 8,617,690 173,098,830 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
State Taxable Income (696,111) (360,701) (10,363) 355,818 738,821 1,139,695 1,559,565 1,999,632 2,461,185 2,945,607 3,454,377 3,989,081 4,551,420 5,143,218 5,766,430 6,423,151 7,115,631 7,846,281 8,617,690 173,098,830 10,294,088 10,570,417 10,852,272 11,139,764 11,433,006
State Income Tax Rate 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065
State Income Taxes Payable (45,247) (23,446) (674) 23,128 48,023 74,080 101,372 129,976 159,977 191,464 224,534 259,290 295,842 334,309 374,818 417,505 462,516 510,008 560,150 11,251,424 669,116 687,077 705,398 724,085 743,145
US Federal Taxable Income (650,864) (337,255) (9,690) 332,689 690,797 1,065,615 1,458,193 1,869,655 2,301,208 2,754,143 3,229,842 3,729,791 4,255,578 4,808,909 5,391,612 6,005,646 6,653,115 7,336,273 8,057,540 161,847,406 9,624,973 9,883,340 10,146,874 10,415,679 10,689,860
US Federal Income Tax Rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
US Federal Income Taxes Payable (227,802) (118,039) (3,391) 116,441 241,779 372,965 510,367 654,379 805,423 963,950 1,130,445 1,305,427 1,489,452 1,683,118 1,887,064 2,101,976 2,328,590 2,567,696 2,820,139 56,646,592 3,368,740 3,459,169 3,551,406 3,645,488 3,741,451
Total Income Taxes Payable (Book) (273,049) (141,485) (4,065) 139,569 289,802 447,046 611,739 784,355 965,400 1,155,414 1,354,979 1,564,717 1,785,295 2,017,427 2,261,882 2,519,481 2,791,106 3,077,704 3,380,289 67,898,016 4,037,856 4,146,246 4,256,804 4,369,572 4,484,596
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