diff --git a/evm_trace/display.py b/evm_trace/display.py
index a6e8ad9..8fcb9e3 100644
--- a/evm_trace/display.py
+++ b/evm_trace/display.py
@@ -119,15 +119,18 @@ def make_tree(
             # Events have no children.
             return
 
-        # Treat events as leaf calls.
-        for event in root.events:
-            yield cls(event, parent=displayable_root, is_last=True)
-
-        count = 1
-        for child_node in root.calls:
-            is_last = count == len(root.calls)
+        # Handle events, which won't have any sub-calls or anything.
+        total_events = len(root.events)
+        for index, event in enumerate(root.events, start=1):
+            is_last = index == total_events
+            yield cls(event, parent=displayable_root, is_last=is_last)
+
+        # Handle calls (and calls of calls).
+        total_calls = len(root.calls)
+        for index, child_node in enumerate(root.calls, start=1):
+            is_last = index == total_calls
+            # NOTE: `.make_tree()` will handle calls of calls (recursion).
             yield from cls.make_tree(child_node, parent=displayable_root, is_last=is_last)
-            count += 1
 
     def __str__(self) -> str:
         """