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 $310,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $310,000 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 $365, 000 $292,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 36,500 43,800 131,400 131,400 26,000 237,700 54,300 17,376 $ 56,780 36,924 51,100 73,000 26,000 83,500 281,500 23 Total expenses Pretax income Income taxes (32) Net income 26,720 4, Determine each project's net present value using 9% as the discount rate. Assume that cash flows occur at each year-end. (Round your intermediate calculations.)