Attached is Quest 12 on Degree of Leverage. You are being asked to run several sets of degree of leverage calculations. Think about how you want to format your work to make the spreadsheet user friendly and to make it easy to compare the degree of leverage results The narrative questions are important as you provide evidence of your understanding of leverage. The interpretation questions on previous quests were secondary to the Excel work. On this quest the narrative discussions are the primary evidence of learning. Please be sure to take the time to provide thorough discussion of the three narrative questions. It would be smart to reread the leverage "New Material" document I sent earlier to enhance your understanding of leverage as you are developing your narrative question responses. Screen Shot 2020-04-17 at 10.56.20 1. The following historical income statements are available for ART, Inc.: 2017 2018 2019 234,500 219,300 201400 Sales VC 84 500 82.700 195 800 CM 149,900 136,600 65,500 FC 104.200 106,300 23 DO EBIT 45.700 30,300 41.800 Interest 24,500 19 400 18.600 EBT 21.200 10,900 23,200 Tax 5.700 3,100 6.900 15,500 7,800 Set-up an Excel spreadsheet that will calculate the DOL DFL and DTL for each year in this set of historical income statements for ART 2. Explain what the degree of leverage figures calculated above tell us about the impact of leverage on the performance of ART, Inc. 3. Describe the change in the degree of leverage figures over the three years and what impact that change will have on ARTIM performance 4. What appears to be the cause of the change in the degree of leverage figures over the three years