ummer 2023 ome nnouncements ssignments iscussions rades llabus uizzes ffice 365 odules cGraw-Hill onnect CC Library ve Help - punseling etTutor torial Center 71 A company is planning to purchase a machine that will cost $35,000, have a seven-year life, and be depreciated using the straight-line method with no salvage value. The company's projected income statement for each year of the asset's life appears below: Sales Costs: Manufacturing $68,000 Depreciation on machine 5,000 Selling and administrative expenses 40,000 Income before taxes Income tax (50%) Net income What is the payback period for this machine? O 5.0 years Total costs 4,375 years 17.5 years 11.67 years 1.0 years $119,000 (113,000) $6,000 (3,000) $3,000 ty N W