A company is planning to purchase a machine that will cost $30,000 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 (308) Net income $ 96,000 $54,000 5,000 32,000 (91,000) $ 5,000 (1,500) $ 3,500 Multiple Choice 8.57 years. 6.00 years. 1714 years 3.53 years