Problem #20 (Descriptive Spreadsheet Models): MasterTech is a new software company that develops and markets productivity software for municipal government applications. In developing their income statement, the following formulas are used: Gross profit = net sales - cost of sales Net operating profit = gross profit administrative expenses selling expenses Net income before taxes = net operating profit - interest expense Net income = net income before taxes - taxes Net sales are expected to be $1,250,000. Cost of sales is estimated to be $300,000. Selling expenses have a fixed component that is estimated o be $90,000 and a variable component that is estimated to be 8% of net sales. Administrative expenses are $50,000. Interest expenses are $8,000. The company is taxes at a 50% rate. Develop a spreadsheet model to calculate the net income. Design your spreadsheet using good spreadsheet-engineering principles