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 $$511,000$ cost with an expected four$-$year life and a $$20,000$ salvage value. Additional annual information for this new product line follows. $($PV of $$1,$ FV of $$1,$ PVA of $$1,$ and FVA of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$Required:

Determine income and net cash flow for each year of this machine's life.

Compute this machine's payback period, assuming that cash flows occur evenly throughout each year.

Compute net present value for this machine using a discount rate of $7\%.$

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 $7\%.($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.$)$

$\backslash$table$[[,\backslash$table$[[$Net Cash$],[$Flows$]],x,\backslash$table$[[$Present Value$],[$at $7\%]],\backslash$table$[[$Present Value of$],[$Net Cash Flows$]],,],[$Years $1-4,$$$,347,000,,=,$$$,0],[$Salvage value, year $4,$$$,20,000,,,=,0],[$Total$,,,,,,]]$