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 $487,000 cost with an expected four-year life and a $10,000 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.) Sales of new product $ 1,890,000 Expenses Materials, labor, and overhead (except depreciation) 1,491,000 DepreciationMachinery 119,250 Selling, general, and administrative expenses 164,000 Required: 1. Determine income and net cash flow for each year of this machines life. 2. Compute this machines payback period, assuming that cash flows occur evenly throughout each year. 3