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Default two results from IF statements

I recently inserted an IF statement that the result in the function Arguments
Box is correct and as expected for the IF statement. The result on screen
is, =IF(S16="X",'Combination Sheet'!K22,""), a text version of the function
argument. I have changed formatting of cells a number of times. It looks
like it lost the ability to calculate, although there are multiple if,
volookup statements in the spreadsheet.
 
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