A company is planning to purchase a machine that will cost $67,392, 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 $ 234,000 $ 140,4001 4,000 78,000 (222,400) $ 11,600 Multiple Choice 4.32 years. 1.08 year