A company is planning to purchase a machine that will cost $36,000 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? $ 111,800 Sales Costs: Manufacturing Depreciation on machine Selling and administrative expenses Income before taxes Income tax (35%) Net income $59, eee 6, eee 37,898 (192,800) $ 9,800 (3,150) $ 5,850 Multiple Choice ( 6.15 years. 3.04 years. o 1.96 year o 6.00 years. o 12.31 years