Live35company is planning to purchase a machine that will cost $36,000, have a six-year life, and be depreciated over a three-year period with no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below.What is the payback period for this machine?

Sales $ 108, 000 Costs: Manufacturing $58, 000 Depreciation on machine 6, 000 Selling and administrative expenses 36,000 (100, 000) Income before taxes S 8, 000 Income tax (40%) (3, 200) Net income 4, 800