Accounting Rate of Return WeCare Clinic is planning on investing in some new echocardiogram equipment that will require an initial outlay or $160,000. The system has an expected life of five years and no expected salvage value. The investment is expected to produce the following net cash flows over its life: $77,000, 569,000, 585,000, $91,000, and $92,000. 1. Calculate the annual net income for each of the five years. Net Income Year 1 Year 2 S Year 3 Year 4 Year 5 2. Calculate the accounting rate of return. Enter your answer as a whole percentage value (for example, 16% should be entered as "16"). % 3. What if a second competing revenue-producing investment has the same initial outlay and salvage value but the following cash flows (in chronological sequence): $92,000, $92,000, $92,000, $77,000, and $30,5007 Calculate its accounting rate of return. Enter your answer as a whole percentage value (for example, 16% should be entered as "16"). % Using the accounting rate of return metric, which project should be selected the first or the second? Why might the second project be preferred over the first project