integrated Excel $-$Tax Problem $-$Entity Choice $($ Algo $)$ Blue Eyed Beauty Supply is the talk of the town. When Elaine started her business, she had no idea it would evolve to be the number one supplier of cosmetology supply in the region. While her business has been successfully operating as a sole proprietorship for many years, her legal counsel has urged her to form a separate legal entity for a variety of nontax reasons. Elaine will form an LLC but has come to you for advice as to which tax classification is best positioned to pay the least overall tax. She has provided you with her $2024$tax data and the following assumptions to develop an Excel model: $$As a C Corporation, the business will dividend out all earnings after taxes are paid to Elaine $$Elaine is Single and her sole source of income is from her business activities $$It is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes $$The business net income before contemplating any taxes: $ $140,000$Elaine is assuming a reasonable compensation amount of: $ $50,000$ Required: $1.$Complete the "The tax is: $"$column for the filing status table using a formula. $2.$Complete the Schedule C tax calculations using VLOOKUP formulas to the $2024$tax brackets. $3.$Complete the S Corporation tax calculations using VLOOKUP formulas to the $2024$tax brackets. $4.$Complete the C Corporation tax calculations using VLOOKUP formulas to the $2024$tax brackets. Note: Use the TRUE logical value for VLOOKUP formulas; link to cells C $10$and C $11$as appropriate. Navigation: $1.$Use the Open Excel in New Tab button to launch this question. $2.$When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. integrated Excel $-$Tax Problem $-$Entity Choice $($ Algo $)$ Blue Eyed Beauty Supply is the talk of the town. When Elaine started her business, she had no idea it would evolve