Complete Extend Your Skills EA2-E1 on page 63 of your Excel Textbook: Create Financial Statements for Frozen Fractals Corp.Once you have prepared the financial statements, use Excel to perform the following ratio analyses: (a) current ratio ; (b) quick ratio; (c) debt ratio; (d) equity ratio; (f)debt-to-equity ratio ;and (g) profit margin for eachreportingperiod. You may have to refer to your previous accounting textbooks or research the ratios on the Internet to find the formulas.You must use Excel to compute the formulas. Points will be deducted if you do not enter the formulas into excel.Part I:Complete EA2-E1 Create Financial Statements for Frozen Fractals Corp. from your Excel textbook on Page 63. You will be required to use formulas and/functions to recreate the firm’s financial statements.Using the data from your balance sheet and income statement, use Excel to perform the following ratio analyses: (a) current ratio ; (b) quick ratio; (c) debt ratio; (d) equity ratio; (f)debt-to-equity ratio ;and (g) profit margin for eachreportingperiod. Refer to page 262 of your Excel textbook for the ratios. You must use Excel formulas to compute the ratios!You will submit one Excel workbook for Part IPart IIWrite a two to three (2-3) page memo in which you summarize the firm’s financial position, based on the information provided in Part I.In your summary, discuss whether the firm is financially strong, what they have more of (assets or liabilities), whether they are generating income, the results of their financial ratios, and whether you would invest in this company or not.The memo will be submitted electronically as a Microsoft Word document with SWS formatting.Your assignment must follow these formatting requirements:This course requires use of new Strayer Writing Standards (SWS) . The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for detailsBe typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:Demonstrate the use of various functions and applications in Microsoft Excel for accounting records and reports.