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 $320,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $320,000 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 $1, and FVA of $1 (Use appropriate factor(s) from the tables provided.) Project Y Project Z $360,000 $288,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 50,400 36,000 43,200 129,600 129,600 26,000 278,000 234,800 53,200 19,152 $ 52,480 34,048 72,000 26,000 82,000 Total expenses Pretax income Income taxes (36%) Net income 29,520 Required 1. Compute each project's annual expected net cash flows. Project Y Project Z