Project Y requires a $321,000 investment for new machinery with a six-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV of $_1. FV of $1, PVA of $1. and PVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Project Y Sales of new product $ 395.000 Expenses Materials. labor. and overhead (except depreciation) 176.960 DepreciationMachinery 53,500 Selling, general, and administrative expenses 28.000 Income $ 136,540 Income $ 136, 540 Required: 1. Compute Project Y's annual net cash flows. Annual amounts Income Cash Flow Sales of new product $ 395,000 Expenses Materials, labor, and overhead (except depreciation) 176,960 Depreciation-Machinery 53,500 Selling, general, and administrative expenses 28,000 Income 136,540 Net cash flow $ 0Income $ 136, 540 2. Determine Project Y's payback period. Payback Period Numerator: Denominator: Payback Period Project Y 0