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 $335,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $335,000 investment for new machinery with a three-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 $1. and EVA of $1 (Use appropriate factor(s) from the tables provided.) Project Y Project Sales $365,000 $292,000 Expenses Direct materials 51,100 36,500 Direct labor 73,000 43,800 Overhead including depreciation 131,400 131,400 Selling and administrative expenses 26,000 26,000 Total expenses 291,500 237,700 Income taxes (288) 83,500 54,300 15, 204 Net income 5.60.120 $ 39,096 Protax income 23,380 4. Determine each project's net present value using 8% as the discount rate Assume that cash flows occur at each year-end. (Round your intermediate calculations.) Project Chart values are based on