2 pts > Question 36 Porter Co. is analyzing two projects for the future. Assume that only one project can be selected. Project Project X Y $68,000 $60,000 Cost of machine Net cash flow: Year 1 Year 2 24,000 24,000 24,000 4,000 26,000 26,000 20,000 Year 3 Year 4 0 If the company is using the payback period method and it requires a payback of three years or less, which project should be selected? Project because it has a lower initial investment Project Project X Both X and Y are acceptable projects. Neither X nor Y is an acceptable project