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 $350,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $350,000 investment for new machinery with a three-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. EV of $1. PVA of $1, and FVA of S1 (Use appropriate factor(s) from the tables provided.) Project Y Project $350,000 $280,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 49,000 35,000 70,000 42, 000 126,000 126,000 25,000 25,000 270,000 228,000 80,000 52,000 24,000 15,600 Total expenses Pretax income Income taxes (30) Net income 56,000 36,400