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 Net cash flow 586,000 $70,000 Year 2 $49,000 Year $300,000 Years $12,000 Total 5517.000 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 Cash Inflow Outflow) Cumulative Net Cash Inflow toatflow 0 $ 1 2 3 (370,000) 36.000 49,000 70,000 300,000 12.000 4 Payback period