A company is planning to purchase a machine that will cost $34,272, 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 $ 126,000 75,600 4,000 Selling and administrative expenses Income 42,000 (121,600) $ 4,400