Required information Problem 11-2A (Static) Payback period, accounting rate of return, net present value, and net cash flow calculation LO P1, P2, P3 [The following information applies to the questions displayed below.) Project Y requires a $350,000 investment for new machinery with a four-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.) Project Y $ 350,000 Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income 157,500 87,500 49,000 $ 56,000 1. Compute project Y's annual net cash flows. Expected Income Revenues Expenses 0 Expected Net Cash Flow 0 Net cash flow Depreciation-Machinery Income Initial investment Materials, labor, and overhead (except depreciation) Expected Net Cash Flow Mmmmm Income Initial investment Materials, labor, and overhead (except depreciation) Sales Selling, general, and administrative expenses