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 $191,000 and has no debt outstanding Expanding operations would allow Hemingway to increase before tax yearly income to $349.000 Hemingway can use either cash reserves or debt to finance its expansion If Hemingway uses debt, it will have a yearly interest expense of $75,000 Create a spreadsheet to conduct a tax analysis (assume a 25% flat tax rate) for Hemingway Corporation and determine the folowing a. What is Hemingway's current annual corporate tax liability? b. If Hemingway nances its expansion using cash reserves What will be its new corporate tax ability? c. Hemingway finances its expansion using debt, what will be its new corporate tax liabuty? a. Hemingway's current annual corporate tax liability is Sc (Round to the nearest dollar) b. If Hemingway finances its expansion using cash reserves its new corporate tax ability will be $ (Round to the nearest dollar) c. Hemingway finances its expansion using debt, its new corporate tax ability will be (Round to the nearest dollar)