Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $503,000 cost with an expected four-year life and a $20,000 salvage value. Additional annual information for this new product line follows (PV of $1. EV of $1, PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Required: 1. Determine income and net cash flow for each year of this machine's life. $1,910,000 1,468,000 120,750 167,000 2. Compute this machine's payback period, assuming that cash flows occur evenly throughout each year. 3. Compute net present value for this machine using a discount rate of 8%. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine income and net cash flow for each year of this machine's life. Annual amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income Net cash flow Income Cash Flow $ 1,910,000 1,468,000 120,750 167,000 154,250 Complete this question by entering your answers in the tabs below. Required 1 Requireoz Required 3 Compute this machine's payback period, assuming that cash flows occur evenly throughout ear Numerator: Payback Period Denominator: " Payback Period < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute net present value for this machine using a discount rate of 8%. (Do not round intermediate calculations. Negative amounts should be entered with a minus sign. Round your present value factor to 4 decimals and final answers to the nearest whole dollar.) Years 1-4 Salvage value, year 4 Total Net present value Net Cash Flows X Present Value at 8% Present Value of Net Cash Flows