Kevin, a calendar$-$year taxpayer, utilizes the cash method of accounting for his small business, which provides various consulting expertise to the railroad industry. At the end of the year, he spent significant time working on a consulting project for Regional Railroad's light rail replacement initiative. Although the project is not done, Regional Railroad's project manager knows Kevin spent a significant amount of time and wants to get Kevin paid before year$-$end. As such, he told Kevin he may issue a progress billing for time incurred to date. However, Kevin expects the project to wrap up within the first week of the new year, and is concerned of the tax implications of including the income on his current year tax return. Kevin has asked his nephew, a tax consultant, for some advice. Kevin has spent $120$ hours on the project to date with a billing rate of $$100/$hour; his after$-$tax rate of return is $12\%$ and his marginal tax rate is $28\%.$

Required

$1.$ Prepare a Present Value Comparison using PV formulas

$($HINT: Do not enter an amount for PMT in the PV formula as there are no cash flows involved with this tax liability; instead, use FV$)$

I really need help with the excel formulas and equations shown in the spaces in the attachments.Required

Prepare a Present Value Comparison using PV formulas

$($HINT: Do not enter an amount for PMT in the PV formula as there are no cash flows

involved with this tax liability; instead, use FV$)$

I really need help with the excel formulas and equations shown in the spaces in the attachments.