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In this Excel tutorial, the presenter explains how to remove formulas while retaining the corresponding data. Using a dataset that includes revenue, expenses, and net income (calculated as revenue minus expenses), the process begins by selecting the entire data set. The user then copies the data and right-clicks to access the "Paste Special" option. In the dialog box, selecting the "Values" option allows the paste operation to overwrite the formulas with their calculated values. After clicking OK, the formula bar will only display the values, indicating that the formulas have been successfully removed.