A company is planning to purchase a machine that will cost $31,800, have a six-year life, and be depreciated over a six-year period with 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? $ 129,000 Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (358) Net income $53,300 5,300 43,000 (101,600) $ 27,400 (9,590) $ 17,810