4 A machine can be purchased for $246,000 and used for five years, yielding the following net incomes. In projecting net incomes, double-declining depreciation is applied using a five-year life and a zero salvage value. Year 5 Year 1 $18,000 Year 2 $48,000 Net income Year 3 $74,000 Year 4 $52,000 oints $116,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) eBook Computation of Annual Depreciation Expense Annual Depr. Accumulated Beginning (40% of Book Depreciation at Book Value Value) Year-End Year Ending Book Value Hint 1 2 Print 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (246,000) 0 $ (246,000) 18,000 1 2 3 48,000 74,000 52,000 74,000 74.000 52,000 4 126,000 242,000 5 116,000 116.000 Payback period = years