Project Y requires a $339,000 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 FVA of $1) (Use appropriate factor(s) from the tables provided.)

Annual Amounts	Project Y
Sales of new product	$ 360,000
Expenses
Materials, labor, and overhead (except depreciation)	161,280
DepreciationMachinery	56,500
Selling, general, and administrative expenses	26,000
Income	$ 116,220

Required: 1. Compute Project Y's annual net cash flows. Expected Income Revenues Expenses 0 Expected Net Cash Flow 0 Net cash flow 2. Determine Project Y's payback period. Payback Period Numerator: Denominator: = Payback Period Project Y = 0 3. Compute Project Y's accounting rate of return. Accounting Rate of Return Numerator: / Denominator: 1 = Accounting Rate of Return Project Y 0 4. Determine Project Y's net present value using 7% as the discount rate. (Do not round intermediate calculations. Round your present value factor to 4 decimals and final answers to the nearest whole dollar.) Project Y Chart values are based on: n = i = Select Chart Amount X PV Factor = Present Value $ 0 Net present value