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Traditionally, Granite Company has accepted a proposal only if the payback period is less than 50 percent of the asset's useful life. Peggy Casteel is the new accounting manager. She suggested to management that capital budgeting decisions should not be made based solely on the payback period. Granite Company is currently considering purchasing a new machine for the factory that would cost $112,000 and would be sold after 8 years for $50,000. The new machine will generate annual cash flows of $30,000 in its first year of use, $24,000 in its second year of use, $20,000 in the third year, and $14,800 each year thereafter. The company's cost of capital is 12 percent. Required: 1-a. Complete the table given below. 1-b. Calculate the payback period. 1-c. Would Granite Company accept this project based solely on the payback period? 2-a. Complete the table given below and calculate NPV. 2-b. Would Granite Company accept this project if the NPV method is used to evaluate the machine? Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Reg 2A Reg 28 Complete the table given below. Year Initial Investment $ 112,000 1 2 Unpaid Investment 82,000 58,000 38,000 23,200 8,400 (6,400) 3 Annual Cash Flow $ 30,000 24,000 20.000 14,800 14,800 14,800 14,800.0000 14,800.0000 4 5 6 7 8 RA Reg 10 > Complete this question by entering your answers in the tabs below. Req1A Reg 15 Reg 1 Reg 2 Reg 25 Calculate the payback period (Round your answer to 2 decimal places) Payback Podod 5.57 Years Complete this question by entering your answers in the tabs below. Reg 1A Reg 16 Rooit Reg 2A Reg 28 Would Granite Company accept this project based solely on the payback period? Would Gran Company nocept this project based solely on the payback period? Yos Reg 1A Reg 1B Req 10 Reg 2A Reg 28 Complete the table given below and calculate NPV. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Negative amounts should be indicated by a minus sign. Round final answers to the nearest whole dollar amount.) Yoar 0 $ 1 2 PV of $1 Present (12%) Value 1 S (112,000) 0.8930 26,790 0.7970 % 19,128 0.7120 + 14,240 0.6360 X 9,413 0.5670 X 3 Cash Outflow s (112,000) 30,000 24,000 20,000 14,800 14,800 14,800 14,800 14,800 50,000 4 5 6 7 8 Residual NPV