{The following information applies to the questions displayed below) Most Company has an opportunity to invest in one of two new projects. Project requires a $345,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a $345,000 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 2 $380,000 $304,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (388) Net income 53,200 76,000 136,800 27,000 293,000 87,00 33,060 $ 53,940 38,000 45,600 136,800 27,000 247.400 56,600 21,508 $ 35,092 Compute each project's accounting rate of return. Accounting Rate of Return Choose Denominator: Choose Numerator: 1 Accounting Rate of Return Accounting rate of return woject Y roject z