QUESTION 3 (20 marks) (a) Discuss why 'What-if analysis' plays an important role in modelling process. (5 marks) (b) A Projected Income of Sophia Fashion is in the excel file "Q3 data - Income Statement of Sophia Fashion.xlsx". Perform three what-if analyses: scenarios, data tables, and Goal Seek. To answer this question, for each of the three analyse, please Clearly identify the input/changing and output variables Insert the corresponding screenshot for the result of the analysis briefly interpret the results (15 marks) Sophia Fashion Income Statement For the Years Ending Dec 31, 2019 2019 110,000 Revenue Sales revenue (Less sales returns and allowances) Service revenue Interest revenue Other revenue Total Revenues 70,000 180,000 1,000 65,000 4,200 Expenses Advertising Bad debt Commissions Cost of goods sold Depreciation Employee benefits Furniture and equipment Insurance Interest expense Maintenance and repairs Office supplies Payroll taxes Rent Research and development Salaries and wages Software Travel Utilities Web hosting and domains Other Total Expenses 55,000 17,460 142,660 37,340 14,936 Net Income Before Taxes Income tax expense Income from Continuing Operations 22,404 Below-the-Line Items Income from discontinued operations Effect of accounting changes Extraordinary items Net Income 22,404