OBJECTIVE The objective of this exercise is to develop an Excel workbook that will assist in projecting a corporate taxpayer's Federal and state (Pennsylvania) tax liabilities, as well as the amount of the projected taxes/refund due. In addition, the Excel workbook should estimate the working capital requirements of a business using the Bardah/ formula. CAPABILITIES The spreadsheet should be capable of Determining the adjustments to book income to arrive at taxable income for Federal and Pennsylvania corporate tax purposes Calculating the regular tax for Federal tax purposes Calculating the Corporate Net Income Tax for a manufacturing company operating in multiple states The spreadsheet should present or indicate The gross amount of each item of income or adjustment The amount of the tax liabilities and taxes/refunds due Any safe harbor amounts for estimated payments for each of the taxes for the next period The amount of any carryovers You should use tax year 2022 tax rates. The spreadsheet output should generally follow the formats for the relevant sections of Form 1120 and Form RCT-101SOCIAL OWNERSHIP/ TIME ANNUAL AGE AT SECURITY BENEFICIARY DEVOTED TO BUSINESS Owners/Beneficiaries: 12/31 NUMBER INTEREST BUSINESS COMPENSATION John P. Doe 45 123-45-6789 50% 100% $125,000.00 248 Elmhurst Drive Anywhere, PA 17001-1234 Jane E. Doe 46 234-56-7891 30% 50% $80,000.00 248 Elmhurst Drive Anywhere, PA 17001-1234 Jill H. Doe 21 345-67-8910 20% 15% $25,000.00 7689 Independence Avenue Freedom, VA 23001-1234 The following data applies to the above taxpayers: The business's only asset transaction involved the purchase of additional office equipment at a cost of $15,000. The following cash distributions were made: March 1, 2021 $30,000 September 13, 2021 $30,000The following estimated tax payments were made: April 14, 2021 $500 June 15, 2021 $500 September 13, 2021 $500 December 13, 2021 $500 Additional data include: * Sales $661.897 * Sales returns 35,047 * Purchases 206.850 Gross Dividends 2,100 Qualified Dividends 1,750 Interest - City National Bank 1.875 Interest - City of Chicago Bonds 1.400 * Other wages 82,000 * Advertising 18,252 Repairs 800 * Bad debts 2.165 * Interest Expense 3,700 * Rents 30.000 * Taxes 8,000 Contributions 2.650 * Depreciation 37.000 * Retirement Plan Contribution 20,500 Administrative Expenses 1,875 * Office Supplies 3,780BEGINNING END OF OF YEAR YEAR Cash $26.626 $35,050 Accounts Receivable 65,000 61,259 Inventories 63,200 76,120 Investments 127,500 127,500 Depreciable assets 150,000 165,000 Accumulated Depreciation -55,000 -92,000 Accounts Payable 40,000 54,350 Contributed capital 150.000 150.000