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 $380,000 $304,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 38,000 45,600 136,800 136,800 27,000 293,000247,480 56,600 20,376 $ 55,680 36,224 53,200 76,000 27,000 87,000 Total expenses Pretax income Income taxes (36%) Net income 31,320 2. Determine each project's payback period Payback Period Choose Numerator: 1 Choose Denominator: Payback Period Payback period Project Y Project Z