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 Z $380,000 $304,000 Sales Expenses 38,900 45,600 136,800 136,800 27,000 293,000 247,400 56,600 20,376 $ 55,680 $ 36,224 53,200 Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 76,000 27,000 87,000 Total expenses Pretax income Income taxes (36%) Net income 31,320 Required 1. Compute each project's annual expected net cash flows Project Y Project Z