Factor Company is planning to add a new productto its line. To manufacture this product, the company needs to buy a new machine at a $511,000 cost with an expected fouryear 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 factorls} from the tables provided.) Sales of new product $ 1,898,888 Expenses Materials, labor, and ovenhead (except depreciation) 1,459,888 DepreciationMachinery 122,758 Selling, general, and administrative expenses 163,888 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 017%. 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. Sales or new product 1,390,000 Expenses Materials, labor, and overhead (except depreciation) 1,489,888 Depreciationlln'lachinerg.r 122,?58 Selling, general, and administrative expenses 183,888 Income 135,258 Net cash ow Required 2 ) 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 fouryear lite 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 factoris} from the tables provided.) Sales of new product $ 1,896,666 Expenses Materials, labor, and overhead (except depreciation} 1,469,600 DepreciationMachinery 122,?56 Selling, general, and administrative expenses 163,600 Required: 1. Determine income and net cash ow 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 017%. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute this machine's payback period, assuming that cash flows occur evenly throughout each year.