Exercise 24-1 Payback period computation; uneven cash flows LO P1 Beyer Company is considering the purchase of an asset for $190,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Year 1 $50,000 Year 2 $31,000 Year 3 $60,000 Year 4 $140,000 Year 5 $30,000 Total $311,000 Net cash flows 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) $ (190,000) $ (190,000) 50,000 (140,000) 0 1 2 31,000 3 60,000 (159,000) (130,000) 50,000 4 140,000 5 30,000 20,000 $ 121,000 Payback period