Most Company has an opportunity to invest in one of two new projects. Project Y requires a $320,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $320,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (FV of $1, PV of $1, FVA of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.)

	Project Y					Project Z
Sales		$	390,000				$	312,000
Expenses
Direct materials			54,600					39,000
Direct labor			78,000					46,800
Overhead including depreciation			140,400					140,400
Selling and administrative expenses			28,000					28,000
Total expenses			301,000					254,200
Pretax income			89,000					57,800
Income taxes (40%)			35,600					23,120
Net income		$	53,400				$	34,680

Required: 1. Compute each ect's annual expected net cash flows. Project Y Project Z