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 $19.000 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 $ 1,970,000 Expenses Materials, labor, and overhead (except depreciation) 1,460,080 Depreciation Machinery 117,se Selling, general, and administrative expenses 163,00 Required: 1. Determine income and net cash flow for each year of this machine's life. 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 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. Round your present factor to 4 decimals and final answers to the nearest whole dollar.) Chart Values are Based on: n = Cash Flow Amount x PV Factor = Present Value Select Chart Present Value of an Annuity of 1 = $ 0 Annual cash flow Salvage value = 0 Net present value