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Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment...

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Accounting

Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $175,500. Project 2 requires an initial investment of $120,000.

Annual Amounts Project 1 Project 2
Sales of new product $ 124,000 $ 104,000
Expenses
Materials, labor, and overhead (except depreciation) 71,000 38,000
DepreciationMachinery 26,000 24,000
Selling, general, and administrative expenses 14,000 26,000
Income $ 13,000 $ 16,000

(a) Compute each projects annual net cash flows. (b) Compute payback period for each investment.

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