Example to hand-evaluate: deep lists

Consider the following function:
;; (make-deep-list n)
;; n is a number
;; it returns ...?
;;
(define make-deep-list
  (lambda (n)
    (cond [(= n 0) null]
          [else  (cons (make-deep-list (- n 1)) null) ])))
Simplify
(make-deep-list 3)
showing the steps which involve a recursive call to make-deep-list.