You have been asked to develop a pro forma statement of cash flow for the coming year for Autumn Leafs, a 200 unit suburban garden apartment community. This community has a mix of 40 studio, 80 one- and 80 two-bedroom apartments with current rents of $550, $600, and $800, respectively. Leases with tenants are usually made for 12 month periods. Current rents are expected to remain fixed for the next six months. After that time, rents for each apartment type should increase by $10 per unit, and remain at those levels for the remainder of the year. Ten studios were leased 3 months ago for $500, 20 one bedroom units were leased 2 months ago for $580 and 10 two bedroom units were leased last month for $805. All other units have been leased recently at current rents. All of the previously leased units also are on 12 month leases. When those leases rollover, all are expected to be renewed at market rents upon rollover for an additional 12 months. Presently, 4 studios, 6 one- and 6 two-bedroom units are vacant. This vacancy pattern should remain the same for the remainder of the year. Autumn Leafs anticipates that during the coming year, it will earn other income from laundry facilities, the awarding an exclusive cable TV contract, parking, plus fees from net deposits, late fees, etc. of $200,000. Autumn Leafs expects to pay total turnover and operating expenses of $400 per month, per occupied unit during the next year. However, it expects to recover some of the expenses for heating and central cooling that it provide to tenants in an amount totaling $100 per month, per occupied unit. During the next year, it is also anticipated that $100,000 will be required for recurring, making ready expenses (carpet, paint, drywall repair, etc.) and another $250,000 will be required for non-recurring items including countertops, parking lot repairs, etc. A total of $10,000 in fees will be paid to Apartment Locator Services, a company who provides marketing services and new tenant for Autumn. a. Prepare statement of operating cash flow (NOI) for the coming year b. Add to (a) anticipated outlays for recurring and non-recurring and commissions. What will be net cash flow for the coming year? Please show in excel