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In this Excel tips video, the presenter, Mad Pencil, demonstrates how to remove formulas in Excel while retaining the data. Using a dataset that includes revenue, expenses, and net income calculated as revenue minus expenses, the process involves selecting the entire dataset and copying it. After right-clicking and selecting "Paste Special," the "Values" option is chosen. This action pastes only the values, removing the formulas. The result shows that the formula bar now displays just the value in the selected cell, confirming that the formula has been eliminated.