Coffer Co. is analyzing two potential investments Project $77000 Project $ 55.000 Cost of machine Net cash flow Year 1 Year 2 Years Year 4 28,000 28,000 28.000 0 2.000 25,000 25.000 20.000 If the company is using the payback period method and it requires a payback of three years or less, which project() should be selected Neither X nor is an acceptable project Project Both X and Y are acceptable projects Project Y All of the following are necessary for budgets to be effective except: All budgeted amounts must be spent to ensure that budgets aren't reduced for the next period. Employees affected by a budget should be consulted when it is prepared Goals should be challenging and attainable Managers must be aware of potential negative outcomes of budgeting, such as budgetary slack