MailMerge and IF statement

Hello!


I can't figure out how do do the syntax for this. If the Status field value is "Item on Hold", color the text red. If Accepted Item, blue, and anything else, yellow.

I can do the font color part, but it is the IF, quotes, brackets, = Text part that is stumping me. Here's what I have so far:

IF{MERGEFIELD "Status"} = ITEM ON HOLD" {MERGEFIELD "Status"}" "{IF {MERGEFIELD "Status"} = ACCEPTED ITEM "{MERGEFIELD "Status"}" "{MERGEFIELD "Status"}"}"

I appreciate the help!

Respectfully,

Lost