Problem 24-1A Computation of payback period, accounting rate of return, and net present value LO P1, P2, 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 $487,000 cost with an expected four-year life and a $23,000 salvage value. All sales are for cash, and all costs are out-of-pocket, except for depreciation on the new machine Additional information includes the following. (FV of $1, PV of $1, FVA of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Expected annual sales of new product $1,910,000 Expected annual costs of new product Direct materials 495,000 674,000 Direct labor Overhead (excluding straight-line depreciation on new machine) 335,000 Selling and administrative expenses 159,000 38% Income taxes Required: 1. Compute straight-line depreciation for each year of this new machine's life. Straight-line depreciation