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In this Excel tutorial, the presenter demonstrates how to remove formulas while retaining the data. Starting with a dataset that includes revenue, expenses, and net income (calculated as revenue minus expenses), the process is straightforward. The user selects the entire dataset, copies it, and then uses the 'Paste Special' option. In the dialog box, they choose the 'Values' option, and upon clicking OK, the formulas are replaced with their corresponding values. This action ensures that when selecting the cell afterward, only the data appears in the formula bar, effectively removing the formula while preserving the calculated net income values.