below Most Company has an opportunity to invest in one of two new projects. Project Y requires a $300,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $300,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1 ) (Use appropriate factor(s) from the tables provided.) Sales Expenses Direct materials Direct labor Overhead including depreciation Project Y Project $370,000 $296,000 51,800 37,000 74,000 44,400 133,200 133,200 Selling and administrative expenses 26,000 26,000 Total expenses 285,000 240,600 Pretax income 85,000 55,400 Income taxes (286) Net income 23,000 15,512 5 61,200 5 39,808 Required: 1. Compute each project's annual expected net cash flows. Project Y Project Z