Required information Problem 24-2A (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. EV of $1. PVA of $1, and EVA of $1) (Use appropriate factor(s) from the tables provided.) Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income Project Y $350,000 157,500 87,500 49,000 $ 56,000 Problem 24-2A (Static) Part 2 2. Determine Project Y's payback period. Project Y Numerator: Payback Period Denominator: Payback period