A company is planning to purchase a machine that will cost $24,000, 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 $ 90,000 $ 54,000 4,000 30,000 (88,000) $ 2,000