Can you help me solve this general accounting problem with the correct methodology?

Granite Hill Tools is evaluating a proposal to purchase new machinery to manufacture a new product line. The machinery costs $360,000, has a useful life of 8 years, and no salvage value. The expected annual income from this equipment is outlined below: Description Amount Sales Revenue $230,000 Expenses: - Materials, Labor, and Overhead (excluding depreciation) | $125,000 - Depreciation - Machinery $45,000 - Selling, General, and Administrative Expenses $20,000 Annual Net Income $40,000 A) Compute the Annual Net Cash Flow B) Compute the Payback Period