Exercise 24-4 (Algo) Payback period, unequal cash flows, and depreciation adjustment LO P1 A machine can be purchased for $70,000 and used for five years, yielding the following income. This income computation includes annual depreciation expense of $14,000. 2 Incone ces Year 1 54,600 Year 2 $11,600 Year 3 $34,000 Year 4 $17,300 Year 5 $46,400 Compute the machine's payback period. (Round payback period answer to 2 decimal places.) Year Net Income Depreciation Net Cash Flow Cumulative Net Cash Flow Initial invest $ (70,000) $ (70,000) Year 1 $ 4,600 Year 2 11,600 Year 3 34,000 Year 4 17,300 Year 5 46,400 Payback period