A machine can be purchased for $293,000 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 14,000 $26,000 Year 2 Year 3 Year 4 $43,500 Year 5 $112,000 Net income 1.78 points Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Answer is not complete Computation of Annual Depreciation Expense Beginning Annual Depr (40% of Book Value Accumulated Depreciation at Year-End Ending Year Book Value Book Value 121,000 72,600 43,560 26,136 17,200 48,400 29,040 17,424 26,136 293,000 175,800 72,600 43.560 26.136 2 29,040 46,464 72,600 5 Annual Cash Flows Net Cumulative Cash Flow (293,000) 158,000 135,000) 4,000(61,000) 26,040 86,964 225,100 Depreciation Net Cash Flow Year income (293,000) 14,000 26,000 58,000 43,500 112,000 117,200 48,400 29,040 17,424 26,136 87,040 60,924 138,136