A company is planning to purchase a machine that will cost $57,600 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? $ 150,000 Sales (Cash Basis) Costs: Manufacturing Costs (Cash Basis) Depreciation on machine (Non-Cash Basis) Selling and administrative expenses (Cash Basis) Income before taxes Income tax (30%, Cash Basis) Net income $ 73,000 9600 54,000 (136,600) 13,400 (4020) 9380 6.00 years. O 3.03 years. 6.14 years. O 12.28 years. 1.97 year