Was told the TI + NI + NOCF Incorrect and + TCF + NPC + IRR Incorrect. Could anyone offer insight to where I went wrong?

M13 D A E F G H I J 1 1 2 3 4 5 6 7 2 3 Construction cost (S) 4 Loan (S) 5 Loan interest rate 6 Loan term (yrs.) 7 Hangar space (sq.ft.) 8 Rent (S/sq.ft. per month) 9 Rent inflator 10 Operating Costs (S/yr.) 11 Cost inflator 12 Tax rate 13 Discount rate 0.9346 0.8734 0.8163 0.7629 0.7130 0.6663 0.6227 0.5820 14 Depreciation/year (S) 15 Cash FlowS 16 311,704 2,944,393 Rent Income minus: Operating Costs 17 18 minus: Interest minus: Depreciation 19 429,823 410,514 392,116 374,528 357,731 341,655 326,323 131,683 123,060 115,015 107,491 100,460 93,880 87,737 82,003 841,330 28,038 26,202 24,489 22,887 21,390 19,989 18,681 17,460 179,136 23.365 21,835 20,408 19,073 17,825 16,658 15,568 14,550 149,280 246,736 239,416 232,205 225,077 218,056 211,128 204,337 197,692 1,774,647 51,815 50,277 48,763 47.266 45,792 44,337 42,911 41,515 372,676 194,922 189,139 183,442 177,811 172,264 166,791 161,426 156,176 1,401,971 70,095 65,505 61,223 57,218 53,475 49,973 46,703 43,650 447,840 124,827 123,634 122,219 120,593 118,789 116,819 114,724 112,526 954,131 20 = Taxable Income minus: Taxes 21 22 = Net Income minus: Principal 23 24 = Net Operating Cash Flow 25 1,200,000 minus: Cash Outlay at Start plus: Depreciation 26 23,365 21,835 20,408 19,073 17,825 16,658 15,568 14,550 149,280 130,291 127,076 (96,589) 27 = Total Cash Flows (1,200,000) 148,192 145,469 142,627 139,666 136,614 133,476 28 NPV IRR -96,589 -2% 29 30 Note: Tax shields are the tax gains from expensing interest and depreciation. The formula is interest or depreciation expense times the tax rate 31 Key Assumptions B 1,200,000 600,000 5.0% 8 25,000 1.50 2.2% 138,000 2.1% 21.0% 7.0% 25,000 C Start K Ico L TV M N M13 D A E F G H I J 1 1 2 3 4 5 6 7 2 3 Construction cost (S) 4 Loan (S) 5 Loan interest rate 6 Loan term (yrs.) 7 Hangar space (sq.ft.) 8 Rent (S/sq.ft. per month) 9 Rent inflator 10 Operating Costs (S/yr.) 11 Cost inflator 12 Tax rate 13 Discount rate 0.9346 0.8734 0.8163 0.7629 0.7130 0.6663 0.6227 0.5820 14 Depreciation/year (S) 15 Cash FlowS 16 311,704 2,944,393 Rent Income minus: Operating Costs 17 18 minus: Interest minus: Depreciation 19 429,823 410,514 392,116 374,528 357,731 341,655 326,323 131,683 123,060 115,015 107,491 100,460 93,880 87,737 82,003 841,330 28,038 26,202 24,489 22,887 21,390 19,989 18,681 17,460 179,136 23.365 21,835 20,408 19,073 17,825 16,658 15,568 14,550 149,280 246,736 239,416 232,205 225,077 218,056 211,128 204,337 197,692 1,774,647 51,815 50,277 48,763 47.266 45,792 44,337 42,911 41,515 372,676 194,922 189,139 183,442 177,811 172,264 166,791 161,426 156,176 1,401,971 70,095 65,505 61,223 57,218 53,475 49,973 46,703 43,650 447,840 124,827 123,634 122,219 120,593 118,789 116,819 114,724 112,526 954,131 20 = Taxable Income minus: Taxes 21 22 = Net Income minus: Principal 23 24 = Net Operating Cash Flow 25 1,200,000 minus: Cash Outlay at Start plus: Depreciation 26 23,365 21,835 20,408 19,073 17,825 16,658 15,568 14,550 149,280 130,291 127,076 (96,589) 27 = Total Cash Flows (1,200,000) 148,192 145,469 142,627 139,666 136,614 133,476 28 NPV IRR -96,589 -2% 29 30 Note: Tax shields are the tax gains from expensing interest and depreciation. The formula is interest or depreciation expense times the tax rate 31 Key Assumptions B 1,200,000 600,000 5.0% 8 25,000 1.50 2.2% 138,000 2.1% 21.0% 7.0% 25,000 C Start K Ico L TV M N