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DISCUSSION BOARD PROBLEM - CHAPTER 26 Peregrine Company is planning to invest in one of two projects, Project Y requires a $350,000 investment for new machinery with a four-year life and no salvage value. Project Z requires a $350,000 investment for new machinery with a three-year life and no salvage value. The company uses straight-line depreciation and cash flows occur evenly throughout the year. The two projects yield the following predicted annual results: PROJECT Y PROJECT Z Sales $350,000 $280,000 Expenses: Direct Materials 49,000 35,000 Direct Labor 70,000 42,000 Overhead (Including depreciation) 126,000 126,000 Selling and administrative expenses 49,000 40,600 Total Expenses $294,000 $243,600 Net Income $56,000 $36,400 REQUIRED: 1. Compute each project's annual expected net cash flows. (Round the net cash flows to the nearest dollar) 2. Compute each project's payback period. (Round the payback period to two decimal places) 3. Compute each project's accounting rate of return, (Round the percentage return to one decimal place) 4. Compute each project's net present value using 8% as the discount rate. For Requirement 4 only, assume that cash flows occur at the end of each year. (Round the net present value to the nearest dollar) 5. Given the calculations you made in Requirements 1 through 4 above, identify the project that you would recommend to management, Project Y or Project Z, and explain your choice