A company is planning to purchase a machine that will cost $57,000 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? $ 147,000 Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (35%) Net income $71,000 9,500 52,000 (132,500) $ 14,500 (5,075) 9,425 $ Multiple Choice o 3.01 years. 6.00 years. 6.05 years 1.99 year 12.10 years