Ch Exercise 24-1 Payback period computation; uneven cash flows LO P1 Beyer Company is considering the purchase of an asset for $370,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Year 1 Year 2 Year 3 Year 4 Year 5 Total Net cash flows $86,000 $49,000 $70,000 $300,000 $12,000 $517,000 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 place.) Year Cumulative Net Cash Inflow Cash Inflow (Outflow) (Outflow) $ (370,000) 0 1 2 3 4 5 Payback period