2023 2024 2025 2026 2027 2028 2029 Please see instructions in the assignment for details. Step 1 In rows 9-17 complete the proforma financial statements Step 2 In row 18 calculate cash flows Step 3 In B20 use the NPV funtion to calculate the net present value of project 1 Step 4 In B21 use the IRR function to calculate the internal rate of return of project 1 Purchase Project 2 Assumptions price 2020 2021 2022 Project Cost 800,000 Required rate 9.0% Sales growth 10% 10% 260,000 year 1 Cost of goods sold 45.0% of sales Gross profit Operating expenses 15.0% of sales Depreciation expens 10 SL useful life Operating income Interest Expense 3.5% of purchase price Taxes 21.0% of net income Net Income 20% 20% 15% 5% 0% -15% -45% Sales Cash Flows NPV IRR Should the project be accepted