Item$82$points eBook Print References Check my workCheck My Work button is now enabled$5$ Item $8$ Information for two alternative projects involving machinery investments follows. Project $1$ requires an initial investment of $$265,000.$ Project $2$ requires an initial investment of $$189,000.$ Annual AmountsProject $1$Project $2$Sales of new product$ $152,000$$ $132,000$Expenses$$Materials$,$ labor, and overhead $($except depreciation$)78,00045,000$Depreciation$$Machinery$33,00031,000$Selling, general, and administrative expenses$21,00033,000$Income$ $20,000$$ $23,000($a$)$ Compute each project$$s annual net cash flow. $($b$)$ Compute payback period for each investment.