Can Microsoft Paint save as ICO?

Could you elaborate on the capabilities of Microsoft Paint with regards to saving files in the ICO format? Specifically, I'm wondering if the default version of Microsoft Paint that ships with Windows operating systems is capable of exporting images in the ICO format, which is commonly used for icons in software applications. Additionally, if it does support this format, what would be the steps involved in saving a file as an ICO using Microsoft Paint? I'm curious to know if there are any limitations or workarounds that may be required for achieving this task.