Required Information [The following information applies to the questions displayed below.) Project Y requires a $306,000 investment for new machinery with a six-year life and no salvage value. The project ylelds 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 $ 365,000 Annual Amounta Sales of new product Expenses Materiala, labor and overhead (except depreciation) Depreciation Machinery Selling general, and administrative expenses Income 163,520 51,000 26,000 $ 124,480 2. Determine Project Y's payback period. Numerator: Initial investment $ 306,000 Payback Period Denominator: Annual net cash flow Payback Period 0 Project Y