Gonzalez Company is considering two new projects with the following net cash flows. The company's required rate of return on investments is 10%. (PV of $1, EV of $1, PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Net Cash Flows Year Project 1 Project 2 Initial investment $ (60, 090) $ (56, 500) 1 . 15, 900 35, 000 2. 26,100 15, 900 3. 21, 900 25,900 a. Compute payback period for each project. Based on payback period, which project is preferred? b. Compute net present value for each project. Based on net present value, which project is preferred? Complete this question by entering your answers in the tabs below.Required A Required B Compute payback period for each project. Based on payback period, which project is preferred? (Cumulative net cash outflows must be entered with a minus sign. Do not round your intermediate calculations. Round your Payback Period ar to 2 decimal places.) Project 1 Project 2 Year Cumulative Net Net Cash Cumulative Net Cash Flows Cash Flows Flows Net Cash Flows Initial investment $ (60,000) $ (60,000) $ (56,500) Year 1 15,000 (15,000) Year 2 26, 100 Year 3 21,000 0 Payback period Project 1 Payback period years Project 2 Payback period years Based on payback period, which project is preferred? Compute net present value for each project. Based on net present value, which project is preferred? (Round your preser value factor to 4 decimals. Round your final answers to the nearest whole dollar.) Net Cash Present Value Present Value of Net Flows Factor Cash Flows Project 1 Year 1 Year 2 Year 3 Totals 69 0 $ 0 Initial investment Net present value 0 Project 2 Year 1 Year 2 Year 3 Totals $ 0 Initial investment Net present value Based on net present value, which project is preferred?