Instructions: For the purpose of grading the project you are required to perform the following tasks: Points Instructions Start Excel. Dawnload and open the warkbook named Keown Martin Petty Problem 3-2_Start. 0.000 Impartant note: All calculations must be shown using cell references.Do NOT enter numerical values in the cels. 2 In cell C16, input the sales amount. 1.000 In cell C17, input the cast af gcods sold amount. Note: The output of the expressian ar functian you typed in this cell is expected as a pasitive number 1.000 In cell C18, cakculate the grass profits. 1.000 In cell B19, irput the general & administrative expenses amount. Note: The output of the expressian ar function you typed in this cell is expected as a pasitive number. 1.000 In cell B20, input the depredation expense amount. rate: The output of the expression or functian you typed in this cell is expected as a pasitive number 1.000 In cell C21, cakculate the total operating expense. 1.000 In cell C22, cakculate the aperating income (EBIT) 1.000 o In cell C23, input the interest expense amount. Note:The output af the expressian or 1.000 function you typed in this cell is expected as a pasitive number. 10 In cell C24, cakculate the earnings before taxes. 1.000 Step Instructions 11 In cell C25, input the taxes amount. Note: The autput af the expression or function you typed in this cell is expected as a positive number 12 In cell C26, calculate the net income. To prepare the common-sized income statement, find the ratio between each account in the income statement and the sales amount. In cell D16, dvide the sales amount by the sales datum in cel C7 and make an absolute cel reference to the sales datum for copying and pasting purpcses. 13 14 Copy cell D16 and paste onto the cell ranges D17:D18 and D21:D26 In cell D19, divide the general & administrative experses amcunt by the sales datum and make an absalute cell reference to the sales datum for capying and pasting purposes. 15 16 Copy cell D19 and paste onto cell D20. Save the workboak. Oose the workboak and then exit Extel. Submit the workbook as directed. 17 PROBLEM 3-2 WORKING WITH INCOME STATEMENT Prepare an income statement and a common-sized income statement from the following information. DATA Sales Cost of goods sold General & administrative eupenses Depreciation expenses Interest expense Income taes $525,000 200,000 62,000 8,000 12,000 97,200 SOLUTION Income Statement and Common-Sized Income Statement: Sales Cost of goods sold Gross profits General & administrative eupenses Depreciation expense Totaloperating expense Operating income (EBIT) Interest expense Earnings before takes Taxes(40%) Net inco $525,000 200,000 me