[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 $335,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $335,000 investment for new machinery with a four-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. (FV of $1, PV of $1, FVA of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Project Y Project Z $355,000 284,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 49,700 71,000 127,800 25,000 35,500 42,600 127,800 25,000 Total expenses 273,500 230,900 Pretax income Income taxes (28%) 81,500 22,820 53,100 14,868 Net income $ 58,680 38,232 Required 1. Compute each project's annual expected net cash flows Project Y Project Z