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Compare Two Columns Side By Side To Highlight/change Color Of Difference

Is it possible to compare two columns side by side to highlight/change color of difference between the two cells

I need to compare and show the changes to the record from previous version and generate a report which will highlight the changes (Rather than just saying that record has changed It should tell what has changed)

For example if the

Column 1 (Previous Version) :The structure contains Wire, Bolt, Stmaps etc

Column 2 (Current Version) : The structure contains Wire, Bolt, Stamps etc

Data Changed: YES

In report is should show two columns side by side and in Column 2 it should highlight "Stamps"

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