Check my work A machine can be purchased for $298,000 and used for five years, yielding the following net incomes. In projecting net incomes, double-declining depreciation is applied using a five-year life and a zero salvage value. Net income Year 1 $19,000 Year 2 $36,000 Year 3 $59, eee Year 4 $58,500 Year 5 $128,eee Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Year Beginning Book Value Ending Book Value 1 2 3 4 5 Annual Cash Flows Depreciation Net Cash Flow Cumulative Cash Flow Year Net income 30 11: 58A 10/14/20 Y O ere to search 3 4 5 Annual Cash Flows Year Net income Depreciation Net Cash Flow Cumulative Cash Flow $ (298,000) 0 $ 1 N (298,000) 19,000 36,000 59,000 58,500 128,000 3 4 59,000 58,500 +-28,000 59,000 117,500 245,500 5 Payback period = years