Required information Applying Excel 3-2: Using Basic Excel Skills to Calculate the Balance in Retained Earnings In this Applying Excel exercise you will practice using basic formulas to calculate the ending balance in Retained Earnings for a company's first four years of business. Watch the tutorial video and then complete Parts 1 and 2 to practice and apply the skills demonstrated in the video. Download the 'Applying Excel' worksheet below and save it to your computer. View the tutorial video, and then complete the worksheet. Enter formulas in cells that contain question marks (only use formulas). After entering formulas in all of the cells that contain question marks, verify the the amounts match the example below. (Complete Part 1 only of the spreadsheet in this step.) Check your worksheet setup and formulas by changing the Net Income account balances to $20,000,$10,000,$70,000 and $25,000 for Years 1 through 4, respectively. You should now have a balances in Retained Earnings as follows: If you do not get this answer, review your worksheet and the formulas you used. Sove your completed Applying Excel form to your computer and then upload it here by clicking "Browse": Next click "Save": You will use this worksheet to answer questions in Part 2. Revise the given year end information in your spreadsheet with the following values, and then answer the questions below: Required: 1. Complete the table below based on your spreadsheet results: (Negative amount should be indicated by a minus sign.) 2. Assume revenues increase 20% in both Years 1 and 4 , what would the revised balances be? (Negative amount should be indicated by a minus sign.)