Please show your work in Excel format. Consider a property investment that you finance with 20% down payment. For the remaining, you borrow $2,300,000 at a 6% rate monthly amortized loan for 25 years. This property, with 2% of EBITDA as capital reserves in any year, will return a NOI of $250,000 in year 1. NOI is expected to grow at 2% for the following years. 82% of the property value is attributed to the building. Also, the building will have no book value after 28 years (based on straight-line depreciation). What will be your taxable income in year 1?