PART 1: Using Excel, create a 5-year annual pro forma income statement for the newly formed Ranger Corporation based on the information provided below. be sure that your income statement is properly formatted as a multi-step income statement (include line entries for Gross Profit, EBITDA, NOI, EBIT, EBT, and Net Income). Include a 6th column in your spreadsheet that shows the totals for all line items in your income statement. (65 POINTS) Key information to be used for developing the budget: Revenues for the first year of operation are projected to be $2,500,000. These revenues are expected to increase by 7% each year thereafter. The Cost of Goods sold is estimated to be 54% of the revenue figure per year. Operating Expenses for the first year include the following: Administrative Costs: $50,000 Rent: $150,000 Repairs/Maintenance: $75,000 Utility Expenses: $24,000 Wage Expense: $468,000 After the first year, all of the operating expenses are expected to increase by 4% annually Depreciation expense is fixed for the entire five-year projected operating period at $100,000 per year. Other income includes Interest Income totaling $5,000 per year for all five years. Other expenses include inventory loss estimated at 1% of revenues. The company will have a $2,000,000 loan to help finance its operations. This loan is an interest-only loan (no principal will be paid for the entire five-year operating projection period). The loan carries an annual interest rate of 8.00%. This loan will represent the only source of interest expense for the company. Tax expense is estimated at 28% of taxable income.