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? $ 114,000 Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (308) Net income $60,000 7,000 38,000 (105,000) 9,000 (2,700) 6,300 Multiple Choice 13.33 years. 1.84 year. 6.67 years. 6.00 years. 3.16 years