Adobe Photoshop video tutorial: How to cut out object, invert colour and save to .png

How do you make a quick selection of a part of an image, isolate it and change colour and save it as a new .png?
This is something I had to do for my client from The Boost Project for her online course I'm editing, and this is how I did it.
I'll change the colour from red to black
then show how to invert it to white
And saving it to a .png
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Mi ☀️