Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $265,000. Project 2 requires an initial investment of $189,000. Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income (a) Compute each project's annual net cash flow. Project 1 $ 152,000 Project 2 $ 132,000 45,000 31,000 21,000 33,000 $ 20,000 $ 23,000 78,000 33,000 (b) Compute payback period for each investment. Complete this question by entering your answers in the tabs below. Required A Required B Compute each project's annual net cash flow. Annual Amounts Sales of new product Expenses Project 1 Project 2 Income Cash Flow Income Cash Flow $ 152,000 $ 132,000 Materials, labor, and overhead (except depreciation) 78,000 Depreciation-Machinery 33,000 Selling, general, and administrative expenses 21,000 Income $ 20,000 Net cash flow < Required A Required B > 45,000 31,000 33,000 $ 23,000