Refer to Table $1.$ Write the Excel formula for each cell marked with $?$ in column C such that formula could be copied and pasted into columns D$,$ and E using Microsoft Excel without further editing. There is no need to explicitly write the Excel formula for cells marked with Copy & paste. Label each formula clearly with cell reference position.$$In many country towns of China, there is no western coffee shop such as Starbucks which sell different types of coffees, cakes, pies, cookies and snacks to customers. A food company called, AAA from Hong Kong would like to start opening western style coffee shops in country towns of China as there is not much competition. However, AAA thinks other food companies would also like to venture into China in future. The question is: How much competition will arise? AAAs current financial situation would be able to support no more than three coffee shops. However, some top$-$level managers in AAA are not sure if more than one coffee shop could be supported because of the low acceptance of coffee drinking culture by lowly educated country Chinese. AAAs success will depend on $2$ factors: how many coffee shops open to compete with AAAs, and how much advertising AAA should do$.$ Top$-$level management is giving a $3-$year trial for this Chinese coffee shop project starting from year $2023.$ You are required to use Microsoft Excel $($see table $1)$ to forecast net income, cash on hand, and money owed to bank at the end of each year $2024-2026.$ You are asked to help AAAs management and write Excel formulas in cells C$26$ to C$66$ to do these forecasts by performing a what$-$if analysis using Microsoft Excel.$$In this Excel worksheet $($see table $1),$ the inputs in row $18$ are for the number of coffee shops in a country town, ranging, from $1($assume AAAs is $1)$ to $3($that means AAAs and $2$ competitors$).$ Different digit can be entered for each year, e$.$g$.1$ for $2024,2$ for $2025,3$ for $2026.$The inputs in row $19$ are for the intensity level of advertising chosen: low $(1),$ medium $(2),$ or high $(3)$ in the three years period: $2024$ to $2026.$ Advertising will still be needed even if AAAs is the only coffee shop in town. Different digit can be entered for each year, e$.$g$.1$ for $2024,3$ for $2025,2$ for $2026.$The input in cell B$20$ is for the future purchase price outlook for the next $3$ years $(2024$ to $2026)$: U$=$Up$,$ D$=$Down; S$=$Stable as AAAs management considers each economic cycle is about $3$ years.$$Assume there are no input errors or typing mistakes in rows $18,19$ and cell B$20.$The following constants $($rows $3$ to $15)$ for the forecast are described below:$$ Tax rate: The corporate tax rate, which is applied to pre$-$tax profit, is expected to increase each year from $31\%($row $4)$ for the next three years $(20242026).$ Interest rate on debt: The interest rate applies $($row $5)$ applies to any debt owed at the start of the year. Number of employees: AAA would always need $2($row $5)$ hourly$-$paid employees at work, not counting the manager. Base hourly wage: This is the minimum pay rate per hour determined by the government $($row $7),$ but to attract and retain good people, this is expected to increase each year. Number of people in town: This is an approximate population figure in the town $($row $8),$ and this figure is expected to increase each year because government is pushing an urbanization policy in country towns. Base coffee selling price $($row $9)$: This is the average floor price for all the kinds of coffee sold by the shop for current year, but the actual selling prices are usually more than this base. Minimum cash required to start next year: AAAs policy is to have at least $$10000$ cash on hand at the end of each year, in order to start next years business $($row $10).$ AAAs banker will lend AAA whatever amount AAA needs at the end of each year if AAA falls below this minimum cash level. City business license per year: AAAs coffee shop places a few small tables on the sidewalk; and the city charges license fee $($row $11)$ on this. This fee increases each year. Number of business days and hours: The coffee shop will be open $300$ days a year, $12$ hours a day $($rows $12,13).$ Rental expense: This is fixed portion per year $($row $14)$ and is expected to increase each year. The market share factor: This is the percentage of people in town who are likely to buy from a coffee shop in a day $($row $15).$ AAA thinks this percentage will increase each year as western style coffee shops become more popular.$$Calculations $($rows $26$ to $34)$ are described below: Total market in town $($row $27)$: This is the total number of cups of coffee sold per day in the town, which is the market share factor times the number of people in town. Number of cups of coffee sold per day $($row $28)$: This is the number of cups of coffee sold per day at AAAs shop, which is the total market divided by the number of coffee shops stated in row $18.$ Average selling price per cup $($row $29)$: This follows the equation below:$($base coffee selling price $+(($number of coffee shops$+1)/($advertising level $+2))-($number of coffee shops$*$$$0\mathrm{.}45))$ Number of cakes $($etc$.)$ per day $($row $30)$: Most people who buy a coffee will also buy a piece of cake or snack, but this is not always so$.$ AAA thinks the number of cakes sold per day will be $50\%$ of the number of cups of coffee sold per day. Average selling price per cake $($row $31)$: If the future purchase price outlook is up $($U$),$ AAA sets the average selling price per cake twice the average selling price per cup of coffee. If the future purchase price outlook is down $($D$),$ AAA sets the average selling price per cake $70\%$ of the average selling price per cup of coffee. If the future purchase price outlook is stable $($S$),$ AAA sets the average selling price per cake $110\%$ the average selling price per cup of coffee. Cost of sales per cup of coffee $($row $32)$: If the future purchase price outlook is up $($U$),$ the average cost of sales per cup is $125\%$ of the base coffee selling price. If the future purchase price outlook is down $($D$),$ the average cost of sales per cup is $85\%$ of the base coffee selling price. If the future purchase price outlook is stable $($S$),$ the average cost of sales per cup is $105\%$ of the base coffee selling price. Cost of sales per cake $($row $33)$: If the future purchase price outlook is up $($U$)$ AND current years advertising level is high, the average cost of sales per cake is $85\%$ of the selling price of these items. If the future purchase price outlook is down $($D$)$ AND current years advertising level is low, the average cost of sales per cake is $55\%$ of the selling price of these items. Otherwise, in all other cases, the average cost of sales per cake is $65\%$ of the selling price of these items. Cost of salaries per day $($row $34)$: This is a function of the number of employees, the hourly wage rate, and the expected number of working hours per day.Income & Cash Flow Statements $($rows $36$ to $60)$ are described below: Beginning of year cash on hand $($row $37)$ is the cash left at the end of previous year. Revenue from sales of cups of coffee for the year $($row $40).$ Revenue from sales of cakes for the year $($row $41).$ Total revenue from sales of both cakes and coffee for the year $($row $42).$ Cost of sales for all cups of coffee sold for the year $($row $44).$ Cost of sales for all cakes sold for the year $($row $45).$ Cost of salaries for all employees for the year $($row $46).$ Rental expense for the year $($row $47)$ is the fixed portion per year $($a constant$)$ plus $10\%$ of total revenue for the year. Advertising expense for the year $($row $48)$ is in proportion to the intensity level of advertising chosen:$$10,000$ a year for low level, $$20,000$ a year for medium level, $$30,000$ a year for high level Business License expense $($row $49)$ is the City business license per year Total costs and expenses $($row $50)$ is the sum of all costs and expenses incurred over the year Pre$-$interest expense margin $($row $51)$ is the total sales revenue minus the total costs and expenses. Interest $($simple$)$ expense for the year $($row $52)$ is a simple interest based on current years interest rate and the debt owed at the beginning of that year. Pre$-$tax profit margin $($row $53)$ is the pre$-$interest expense margin interest expense Tax expense for the year $($row $54)$ is a function of the tax rate of the year and the pre$-$tax profit margin of the year. However, tax office will not charge any tax if pre$-$tax profit margin is zero or negative. Also the tax office will ignore any cents in the tax. Net income $($row $55)$ is the income that excluding all costs and expenses Net Cash Position $($NCP$)($row $57)$: NCP at the end of a year equals the cash beginning of a year, plus the years net income, assuming that there are no receivables or payables. Assume that AAAs bankers will lend enough money $($row $58)$ at the end of a year to get to AAAs minimum cash target $($see row $10).$ If the NCP is less than the minimum cash at the end of a year, AAA must borrow enough to reach the minimum cash target. Borrowings increase cash on hand, of course. If the NCP is more than the minimum cash and there is outstanding debt from previous year$($s$),$ then some or all of the debt should be repaid, but not to take AAA below the minimum cash level $($row $59).$ Cash at the end of the year equals the NCP$,$ plus any borrowings and less any repayments $($row $60).$Debt Owed $($rows $62$ to $66)$ is described below: Debt owed at the beginning of a year $($row $63)$ equals the debt owed at the end of the previous year. Amounts borrowed and repaid $($row $64,65)$ that have been calculated before can be echoed to this section. The amount owed at the end of a year $($row $66)$ equals to the debt owed at the beginning of the year plus any borrowings, and less any repayments.$$Table $1$: NA $=$ Not Applicable, meaning no entry is required in the cell.