A machine can be purchased for $249,000 and used for five years, yielding the following net incomes. In projecting net incomes. double-declining depreciation is applied using a five year life and a zero salvage value Year 1 Year 2 Year Year 4 Year 5 Net income $12,000 $39,000 $51,000 $54,000 $102,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Year Beginning Book Value Ending Book Value 1 2 3 4 5 Annual Cash Flows Year Net Income Depreciation Net Cash Flow Cumulative Cash Flow (249,000) 0 S $ 1 2. 3 (249,000) 12,000 39,000 51,000 54,000 102,000 51,000 54,000 102,000 51,000 105,000 207 000 ol Payback period years