ractor Company is plann$$ng to add a new product to $$ts $$ne$.$ Io manutacture this product, the company needs to buy a new machine at a $$503,000$ cost with an expected four$-$year life and a $$20,000$ salvage value. Additional annual information for this new product line follows. $($PV of $$1,$ FV of $$1,$ PVA of $$1,$ and FVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.Required:

Determine income and net cash flow for each year of this machine's life.

Compute this machine's payback period, assuming that cash flows occur evenly throughout each year.

Combute net present value for this machine usina a discount rate of $8\%.$