In a project finance model, we can start our balance sheet during the construction phase. So we're gonna begin with our working capital and we're gonna take that from our working capital calculation above, and let's copy that across the construction phase. And as you can see, toward the end of our construction years, the working capital is gonna build up. Next we're gonna pick up our net PP&E Let's take that from our base calculations above.

We get an ending net PP&E of 100, and we can copy that across.

And then we're gonna get our net intangibles, and this is our soft setup costs that have been capitalized. We can also take that from the top here. That would be 20. Let's copy that across. Now the only line we're missing is cash. And the reason we're leaving cash blank is because this line is coming from the cash flow statement. So let's go ahead and sum up our total assets. Make sure that when you sum up your total assets, you include the cash line and let's copy that across.

So now let's move on to our liabilities, our revolver, as well as our long-term debt. Those are gonna be skipped for now because they have to wait until we complete the debt sheet. So let's start with our common stock and our ending common stock can be taken out of this calculation above, and we copy that right? Then we get our retain earnings also from a base calculation above.

We have ending retained earnings of 0 in the first year, and we copy that across. So now we can add up all of our liabilities and our equity, making sure we include our debt in that calculation. So let's take the sum of our revolver, long-term debt, common stock, and retain earnings, and let's copy that across.

Finally, we can build a quick check to ensure that our balance sheet is balanced. So we'll say if round total assets is to two digits is equal to round total liabilities and equity to two digits, then we're gonna have the word, okay.

Otherwise, we want the difference between the total assets, the total liabilities, and equity. Let's go ahead and close that.

And as you can see, our balance sheet of course, is not balanced, and the reason is that we're missing both our cash line as well as our debt lines on the liability section.