Your client, Kerri, is considering forming a new business, KMP. Kerri has asked for your advice about whether she should form KMP as an S Corporation (a flow-through entity with a single owner much like a sole proprietorship) or as a C Corporation. She would like you to create an Excel spreadsheet that estimates the overall tax rate* on KMPs income based on several assumptions. These assumptions are as follows: 1. Kerris marginal tax rate is 35% (her taxable income ignoring any income generated by KMP will be approximately $300,000). 2. The tax rate applicable to C Corporation income is 21% 3. KMP will generate $50,000 of ordinary business income. 4. KMP will distribute of all of its after-tax earnings to Kerri. 5. Kerri will be eligible to claim the full 20% QBI deduction, if applicable (you can ignore any phase- out rules for purposes of your calculations). *The overall tax rate on KMPs income = (total tax paid at the entity level + the total incremental tax paid at the owner level) / the $50,000 of business earnings the entity is expected to generate. REQUIRED. a. Create a spreadsheet, based on the above assumptions, that compares the overall tax rate on KMPs projected income assuming that the entity is set up as an S Corporation (a flow-through entity) versus a C Corporation. b. Using goal seek (or similar function) determine what the Corporate tax rate would have to be to make Kerri indifferent between forming KMP as an S Corporation or a C Corporation. Your spreadsheet does not need to follow a specified format. It just needs to be clear so that your client can understand your analyses. Please clearly label your work rather than just showing a number with little explanation. Your grade will be based not only on the accuracy of your calculations, but also the ease with which a client could understand your analysis.