Check my Required information [The following information applies to the questions displayed below) Most Company has an opportunity to invest in one of two new projects Project Y requires a $345,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $345,000 investment for new machinery with a three-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 S1. PVA of S1, and FVA of S1 (Use appropriate factor(s) from the tables provided.) Project Y Project z Sales $400,000 $320,000 Expenses Direct materials 56,000 40,000 Direct labor 80,000 48.000 Overhead Including depreciation 144,000 144,000 Selling and administrative expenses 29,000 Total expenses 300.000 261.000 Pretax income 59,000 Income taxes (34) 30 940 20,26 Net income $ 60,060 $ 38,940 2. Determine each project's payback period Total expenses Pretax income Income taxes (34%) Net income 309,000 261,000 91,089 59,000 30,940 20,860 $ 60,060 $ 38,940 2. Determine each project's payback period. Choose Numerator: Payback Period Choose Denominator: Project Y Project Z Payback Period Payback period 0 0