Problem 24-1A (Algo) Payback period, net present value, and net cash flow calculation LO P1, P3 Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $479,000 cost with an expected four-year life and a $10,000 salvage value. Additional annual information for this nev product line follows. (PV of \$1, EV of \$1, PVA of \$1, and FVA of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine income and net cash flow for each year of this machine's life. 2. Compute this machine's payback period, assuming that cash flows occur evenly throughout each year. 3. Compute net present value for this machine using a discount rate of 7%. Complete this question by entering your answers in the tabs below. Determine income and net cash flow for each year of this machine's life. Required: 1. Determine income and net cash flow for each year of this machine's life. 2. Compute this machine's payback period, assuming that cash flows occur evenly throughout eac 3. Compute net present value for this machine using a discount rate of 7%. Complete this question by entering your answers in the tabs below. Compute this machine's payback period, assuming that cash flows occur evenly throughout cach year. Complete this question by entering your answers in the tabs below. Compute net present value for this machine using a discount rate of 7%. (Do not round intermediate calculations. Negative amounts should be entered with a minus sign. Round your present value factor to 4 decimals and final answers to the nearest whole doliar.)