Can you show the formulas on an excel on how to get to this year's budget?

M9-18. Incremental Budget Wood County uses an incremental approach to budgeting. The current year cash budget for the Wood County Department of Motor Vehicles is presented as follows: Supplies Temporary and seasonal wages Wages of full-time employees Supervisor salaries. Rent Insurance Utilities Miscellaneous. Contingencies and equipment Total $ 12,000 32,000 200,000 60,000 48,000 16,000 10,000 9,600 25,000 $412,600 Required Prepare an incremental cash budget for next year, assuming the planned total budget increase is 3%. Budget details include a budget increment for salaries and wages of 3%, no change in rent, and 2.5% increases in the budget for supplies and miscellaneous. Utility companies have received approvals for rate increases amounting to 2% and insurance companies have announced an increase in premiums of 4%. (Hint: The Contingencies and equipment budget is a plug.)