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Exercise 11-3 Payback period computation; straight-line depreciation LO P1 A machine can be purchased for $50,000 and used for five years, yielding the following net incomes. In projecting net incomes, straight-line depreciation is applied using a five-year life and a zero salvage value. Year 1 $3,300 Year 2 $8,300 Year 3 $30,000 Year 4 $12,400 Year 5 $33,200 Net income Compute the machine's payback period (ignore taxes). (Round your intermediate calculations to 3 decimal places and round payback period answer to 3 decimal places.) Year Net Income Depreciation Net Cash Flow Cumulative Cash Flow 0 $ (50,000) $ (50,000) 1 $ 2 3 3,300 8,300 30,000 4 12,400 o 5 33,200 O Payback period