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.) ProjectY Project 2 $365,000 $292,000 Sales Expenses 36,500 43,800 131,400 131,400 26,000 237,700 54,300 17,376 $ 56,780 36,924 Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 51,100 73,000 26,000 83,500 281,500 23 Total expenses Pretax income Income taxes (322) Net income 26,720 2. Determine each project's payback period. Pa Per Choose Numerator: t of investment Choose Denominator:Payback Period Annual net cash flowPayback period Project YS Project Z S 310,000 310,000/