Beyer Company is considering buying an asset for $260,000. It is expected to produce the following net cash flows. Year 1 Year 2 Year 3 Year 4 Years Net cash flows $64,000 538,000 $67,000 $130,000 $23,000 Compute the payback period for this investment. (Cumulative net cash outflows must be entered with a minus sign. Round your Payback period answer to 2 decimal places.) Year Net Cash Flows Cumulative Cash Flows (260,000) Initial investment Year 1 Year 2 Year 3 Year 4 Year 5 Tots Payback period Information for two alternative projects involving machinery Investments follows: Project 1 $ (124,000) Initial investment Salvage value Annual income Project 2 $ (94,000) 14,000 12,960 13,640 a. Compute accounting rate of return for each project. b. Based on accounting rate of return, which project is preferred? Complete this question by entering your answers in the tabs below. Required A Required B Compute accounting rate of return for each project, Numerator Accounting Rate of Return Denominator: 1 Project 1 Project 2 Accounting rate of return 0 RA Required B >