Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $220,000. Project 2 requires an initial investment of $140,000. Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Project 1 $ 156,000 Project 2 $136,000 79,000 34,000 22,000 $ 21,000 $ 24,000 46,000 32,000 34,000 Income (a) Compute each project's annual net cash flow. (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 $ 156,000 $ 136,000 Materials, labor, and overhead (except depreciation) 79,000 46,000 Depreciation-Machinery 34,000 32,000 Selling, general, and administrative expenses 22,000 34,000 Income $ 21,000 $ 24,000 Net cash flow