Please answer the following question in excel, please show works.

Hemingway Corporation is considering expanding its operations to boost its income, but before a final decision it has asked you to calcuate the corporate tax consequences of such a decision. Currently, Hemingway generates before tax yearly income of $200000 and has no debt outstanding. Expanding operations would allow Hemingway to increase before-tax yearly to $350000. Hemingway can use either cash reserves or debt to finance its expansion. if Hemingway uses debt, it will have a yearly interest expense os $70000. Create a spreadsheet to conduct a tax analysis for Hemingway Corporation and determine the following:

a. what is hemingway's current annual corporate tax liability?

b. what is hemingway's current average tax rate?

c. if hemingway finances its expansion using cash reserves, what will be its new corporate tax liability and average tax rate?

d. if hemingway finances its expansion using debt, what will be its new corporate tax liability and average tax rate?

e. what would you recommend the firm do? why?