The last piece of our calculation section is the shareholders' equity, and this is a base calculation with a beginning balance of zero.

Now, during the construction period, there is no net income, but we do have equity issuance, which we're gonna pull from our sources and uses table.

And the equity issues is the sponsor's equity contribution to the project.

Now, for now, we're gonna leave dividends blank. And the reason is that we have to evaluate later if this project can actually pay dividends. In fact, lenders might not allow for dividends to be paid out at least until their loan is fully repaid. And in some cases you might be able to pay dividends out to shareholders, but only if you meet some of the debt service coverage ratio. So for now, we're gonna leave the dividend line empty and we're gonna sum up our four lines to get our ending balance for shareholder equity, let's take all of the formulas and copy them to the right into our first year of operations where we can now add the net income for the project.

So we're gonna take this net income from our income statement, and that's 93.

And now we can take all four of our formulas and copy them to the very last year of our timeline.