Required information [The following information applies to the questions displayed below.) Most Company has an opportunity to invest in one of two new projects. Project Y requires a $345,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $345,000 investment for new machinery with a five-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1. FV of $1. PVA of $i, and FVA of $1 (Use appropriate factor(s) from the tables provided.) Project Y Project 2 Sales $370,000 $296,000 Expenses Direct materials 51,880 37,eee Direct labor 74,000 44,480 Overhead including depreciation 133,200 133,200 Selling and administrative expenses 26,000 26,000 Total expenses 285,000 240,600 85,000 55,400 Income taxes (34%) 28,988 18,836 $ 56,100 $ 36,564 Pretax income Net income 4. Determine each project's net present value using 7% as the discount rate. Assume that cash flows occur at each year-end. (Round your intermediate calculations.) Project Y Chart values are based on: Select Chart Amount PV Factor Present Value Net present value Project 2 Charl values are based on Select Chant Amount PV Factor Present Value $370, eee $296,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (34%) Net income 51,800 37,eee 74,000 44,400 133,200 133,200 26,000 26,000 285,000 240,600 85,000 55,400 28,900 18,836 $ 56,100 $ 36,564 4. Determine each project's net present value using 7% as the discount rate. Assume that cash flows occur at each year-end. (R your intermediate calculations.) Project Y Chart values are based on: Select Chart Amount X PV Factor Present Value Net present value Project Z Chart values are based on: Selve Chart Amount PV Factor Present Value Net present value