Hemingway Corporation is considering expanding its operations to boost its income, but before making a final decision, it has asked you to calculate the corporate tax consequences of such a decision. Currently, Hemingway generates before-tax yearly income of $198,000 and has no debt outstanding. Expanding operations would allow Hemingway to increase before-tax yearly income to $340,000. Hemingway can use either cash reserves or debt to finance its expansion. If Hemingway uses debt, it will have a yearly interest expense of $66,000. Create a spreadsheet to conduct a tax analysis (assume a 22% flat tax rate) for Hemingway Corporation and determine the folowing: a. What is Hemingway's current annual corporate tax liability? b. If Hemingway finances its expansion using cash reserves, what will be its new corporate tax liability ? c. If Hemingway finances its expansion using debt, what will be its new corporate tax liability? a. Hemingway's current annual corporate tax liability is $ 43560. (Round to the nearest dollar.) b. If Hemingway finances its expansion using cash reserves, its new corporate tax liability will be $ 74800. (Round to the nearest dollar.) c. If Hemingway finances its expansion using debt, its new corporate tax liability will be $ (Round to the nearest dollar.)