(25 pts) Complete a spreadsheet (by Excel or other spreadsheet software of your choosing) that is the same format as the tax spreadsheet on the last page of my TAXES power point slides. Use the spreadsheet to determine the after-tax internal rate of return. For this problem assume a 7- year property, MACRS depreciation is used, 21% corporate tax rate, an initial cost of $800,000, an annual benefit of $150,000 and a salvage value of $100,000. Do not forget the recaptured depreciation. Hint: Just like my example in Power point, assume that the asset is sold in that last year, such that the last 4.46% of depreciating in year 8 is NOT used. Thus you will have 8 rows of calculations in your spreadsheet. 21% Recaptured MACRS Depreciation Depreciation Taxable Income Year BTCF Tax $ BTCF (10,000) 1 Nm to $ $ $ $ $ 2,500 2,500 2,500 2,500 2,500 0.2000 0.3200 0.1920 0.1152 0.1152 sum $ $ $ $ $ $ 2,000 3,200 1,920 1,152 1,152 9,424 $ $ $ $ $ 500 $ 105 (700) $ (147) 580 $ 122 1,348 $ 283 1,572 $ 330 IRR = ATCE $ (10,000) $ 2,395 $ 2,647 $ 2,378 $ 2,217 $ 2,970 8.1% $ 800 $ 224