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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 $305,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $305,000 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, FV of $1, PVA of $1, and FVA of $1 ) (Use appropriate factor(s) from the tables provided.) Project Y Project Z $390,000 $312,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (34%) Net income 54,600 78,000 140,400 28,000 301,000 89,000 30,260 $ 58,740 39,000 46,800 140,400 28,000 254,200 57,800 19,652 $ 38,148 4. Determine each project's net present value using 8% as the discount rate. Assume that cash flows occur at each year-end. (Round your intermediate calculations.) Project Y Chart values are based on: n = 6% Select Chart Amount PV Factor = Present Value $ 110,683 x 4.9173 = $ 544,262 Present value of cash inflows $ 544,262 Present value of cash outflows (305,000) 239,262 Net present value $ Project Z Chart values are based on: n = 6% Select Chart Amount PV Factor Present Value $ 115,100 x 4.2124 = $ 484,847 Present value of cash inflows $ Present value of cash outflows 484,847 (305,000) 179,847 Net present value $