A company is planning to purchase a machine that will cost $57000 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. What is the payback period for this machine? Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (30%) Net income 132,000 $66,000 9,580 44,000 (119,500) 12,500 (3,750) $8,750 Multiple Choice 3.12 years. Pre 26 of 30 Nxt 3.12 years. 6.51 years 1.88 year. 13.03 years 600 years. Prev26 of 30