Setup: Purchase Price: 24,000,000; Down Payment: $4,000,000; Financing: The balance Financed at 8 3/4% with a 25 year level payment, Monthly Amortization Mortgage.

2013 Data Revenue: Rental Income 2,473,000; Operating Expenses: Real Estate Taxes 137,150; Labor Costs 327,788; HVAC 181,062; Repairs & Maintenance 175,000; Hazard Insurance 72,000. Total Expenses 893,000; Net Operating Income 1,850,000. Assumptions: Purchase Date:12/31/2013; Rental Income Increase: 5% per year; Operating Expenses (All): Increases 4% per year Real Estate Taxes: For 2014- 2019, use 2013 Base Year Real Estate Taxes expense and grow it by 3% per year; Real Estate Taxes Escalation Income (Overage Only) For each year 2014-2019, calculate the difference between each year of Real Estate Tax Expense minus the previous year of Real Estate Tax Expense; Labor Costs Taxes For 2014- 2019, use 2013 Base Year Labor Costs expense and grow it by 3% per year; Labor Costs Escalation Income (Overage only) For each year 2014-2019, calculate the difference between each year of Labor Costs Expense minus the previous year of Labor Costs Expense. Depreciable Basis is 80% of the Purchase Price and Land does not get depreciated. Sales Date:12/31/2018; Sales Cap rate 9.5% (Using 2019 Net Operating Income); Selling costs:8% of selling price; Tax Rate 39.6% (No tax Tables should be used here); Long term Capital Gains Tax Rate: 20%; Depreciation Recapture Tax Rate: 25%; Depreciation Years 39. Notes:* In any operational years where a "Taxable Loss" is encountered, the calculation for the TAX (now called TAX SAVINGS) should be treated as a TAX REFUND, and "taken in" during the same tax year as the loss.* If you perform your analysis correctly, you should encounter taxable losses for 2 years of your investment period. Create a proforma grid or sheet showing calculations for years 2013-2019?