A company is planning to purchase a machine that will cost $42,000 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 $ 105,000 Costs: Manufacturing $ 57,000 Depreciation on machine 7,000 Selling and administrative expenses 35,000 (99,000 ) Income before taxes $ 6,000 Income tax (30%) (1,800 ) Net income $ 4,200