1. Describe the benefits and limitations of activity-based costing. 2. ABC Company is considering a long-term capital investment project in laser equipment. This will require an investment of $280,000, and it will have a useful life of 5 years. Annual net income is expected to be $16,000 a year. Depreciation is computed by the straight-line method with no salvage value. The company's cost of capital is 10%. Required: a) Compute the payback period for the project. b) Compute the net present value for the project. (Round to nearest dollar) c) Should the project be accepted? Why? Note: please explain the calculation procees for (a) and (b)