E11-1 Calculating Accounting Rate of Return, Payback Period [LO 11-1, 11-2 Harwell Printing Co. is considering the purchase of new electronic printing equipment. It would allow Harwell to increase its net income by $61,088 per year. Other information about this proposed project follows $332,000 Initial investment Useful life Salvage value years $94,000 Assume straight line depreciation method is used. Required: 1. Calculate the accounting rate of return for Harwell. (Round your percentage answer to 1 decimal place.) ccounting Rate of Return Calculate the payback period for Harwell, Round your answer to 2 decimal places.) Payback Period Years