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Default Nested if formula

The objective is to report the delivery status of open orders and to report
on performance of meeting milestones .

The formula I am attempting to use is:
=IF(M414L414,"On
Time",IF(R4140,"Pending",IF(M414L414,"Late",IF(M 414<=TODAY(),"Late"))))

Column M = estimated delivery date
Column L = actual delivery date (not always populated)
Column R = Outstanding balance (if = to 0, then column L is populated)

 
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