! Required information (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 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: 1 Denominator: Initial investment 1 Annual net cash flow $ 350,000/ 11 Payback period 0 II Project Y 4. Determine Project ys net present value using 8% 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 = 3 11 8% Amount PV Factor Select Chart Future Value of an Annuity of 1 Present Value $ 0 11 $ Net present value