Problem 12-13
	The Heritage Farm Implement Company is considering an investment that is expected to generate revenues of $3 million per year. The project will also involve annual cash expenses (including both fixed and variable costs) of $900,000, while increasing depreciation by $400,000 per year. If the firms tax rate is 34 percent, what is the projects estimated net operating profit after taxes? What are the projects annual operating cash flows?
		Given Data:
		Revenues	$3,000,000.00
		Depreciation	($400,000.00)
		Tax rate	34%
		Cash Expenses (fixed and variable)	($900,000.00)
		Gross Profit
		Net Operating Income
		Income Tax Expense
		Net Operating Profit after Taxes
		Operating Cash Flow
	Requirements
	1	Start Excel.
	2	In cell D11, by using cell references, calculate the project's gross profit. (1 pt.)
	3	In cell D12, by using cell references, calculate the project's net operating income. (1 pt.)
	4	In cell D13, by using cell references, calculate the project's income tax expense. Use cells D8 and D12. Note: The income tax expense must be a negative value. (1 pt.)
	5	In cell D14, by using cell references, calculate the project's estimated net operating profit after taxes. (1 pt.)
	6	In cell D15 calculate the projects annual operating cash flows. Use cells D7 and D14. (1 pt.)
	7	Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed.