PLEASE USE EXCEL AND SHOW HOW TO USE EXCEL FORMULAS!

4. Heald and Swenson Inc. purchased a drill press for $850,000 one year and nine months ago. The asset has a six-year life and has been depreciated according to the following accelerated schedule. Year Percent of Cost 55% 20% 10% WN- 5% 5% 5% The press was just sold for $475,000. The firm's marginal tax rate is 35%. Calculate Heald and Swenson's taxable profit and cash flow on the sale. Assume depreciation is spread evenly within each year. Problems 5 through 13 are numerical exercises intended to develop familiarity with financial statements without actually going through debit and credit accounting entries. They don't follow specific examples in the text, but most provide guidance in the form of hints or instructions