Required information [The fo/iowing information app/ies to the questions disp/ayed be/ow.] Nick's Novelties, Incorporated, is considering the purchase of new electronic games to place in its amusement houses. The games would cost a total of $720,000, have a fifteen-year useful life, and have a total salvage value of $72,000. The company estimates that annual revenues and expenses associated with the games would be as follows: Revenues $ 250,000 Less operating expenses: Commissions to amusement houses $ 80,000 Insurance 40,000 Depreciation 43,200 Maintenance 40,000 203,200 Net operating income $ 46,800 Required: 1a. Compute the payback period associated with the new electronic games. 1b. Assume that Nick's Novelties, Incorporated, will not purchase new games unless they provide a payback period of five years or less. Would the company purchase the new games? Complete this question by entering your answers in the tabs below. Req 1A Req 1B Compute the payback period associated with the new electronic games. Payback Period - Years Assume that Nick's Novelties, Incorporated, will not purchase new games unless they provide a payback period of five years or less. Would the company purchase the new games? ONo OYes