Required 1. Using an Excel spreadsheet, set the following values in cells: . Acme's cost of investment in PHC. Percentage acquired. First-year PHC reported income. Projected growth rate in income. PHC annual dividends. Annual excess patent amortization. 2. Referring to the values in (1), prepare the following schedules using columns for the years 2021 through 2025. Acme's equity in PHC earnings with rows showing these: Acme's share of PHC reported income. . Amortization expense. . Acme's equity in PHC earnings. Acme's Investment in PHC balance with rows showing the following: Beginning balance. Equity earnings. Dividends. Ending balance. Return on beginning investment balance = Equity earnings/Beginning investment balance in each year. Page 36 3. Given the preceding values, compute the average of the projected returns on beginning investment balances for the first five years of Acme's investment in PHC. What is the maximum Acme can pay for PHC if it wishes to earn at least a 10 percent average return on beginning investment balance? (Hint: Under Excel's Data tab, select What-If Analysis, and the Goal Seek capability to produce a 10 percent average return on beginning investment balance by changing the cell that contains Acme's cost of investment in PHC. Excel's Solver should produce an exact answer while Goal Seek should produce a close approximation. You may need to first add in the Solver capability in Excel under File>Options>Add-ins.)