A company is planning to purchase a machine that will cost $58,788, have a six-year life, and will have 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 Multiple Choice 4.26 years. 12.78 years. 6.39 years. 25.56 years. 1.07 year. $ 124,200 4,000 69,000 $ 207,000 (197,200) $ 9,800

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