Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $$483,000$ cost with an expected four$-$year life and a $$20,000$ salvage value. Additional annual information for this new product line follows. $($PV of $$1,$ FV of $$1,$ PVA of $$1,$ and FVA of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$ Sales of new product$ $1,890,000$Expenses Materials, labor, and overhead $($except depreciation$)1,502,000$DepreciationMachinery$115,750$Selling, general, and administrative expenses$165,000$ Required:$1.$ Determine income and net cash flow for each year of this machines life$\mathrm{.}2.$ Compute this machines payback period, assuming that cash flows occur evenly throughout each year$\mathrm{.}3.$ Compute net present value for this machine using a discount rate of $8\%.$