Please use excel and show formulas!

There are two companies. Steinberg and Dietrich, which are practically the same in all aspects except that Dietrich has more debt. Both companies will shut down their businesses at the end of next year. There is uncertainty regarding what next year will look like: the economy could be expanding or it could be in recession. Assume that the probability that the economy will be expanding is 70 percent and that the probability that it will be in a recession is 30 percent. In the case of expansion, both Steinberg and Dietrich will generate $3 million in earnings before interest and taxes. In the case of a recession, both Steinberg and Dietrich will generate $1.4 million in earnings before interest and taxes. Steinberg's creditors require a payment of $930,000 at the end of next year, and it is $1.5 million for Dietrich. The two first do not pay taxes. The required discount rate for both firms is 12 percent per year. a-1. Calculate today's value of Steinberg's debt, as well as its equity. (Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) a. Calculate today's value of Dietrich's debt, as well as its equity. (Do not round 2. intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) b. Do you agree or disagree with the following the value of Steinberg firm should be higher than the value of Dietrich firm because the former has less debt than the latter and for this reason faces a lower chance of bankruptcy. a-1. Steinberg equity value Steinberg debt value a-2. Dietrich equity value Dietrich debt value b. . Risk of bankruptcy affect a firm's value