Porter Co. is analyzing two projects for the future. Assume that only one project can be selected Project X $68,000 Project y $60,000 Cost of machine Net cash flow: Year 1 Year 2 Year 3 Year 4 24,000 24,000 24,000 0 4,000 26,000 26,000 20,000 if the company is using the payback period method and it requires a payback of three years or less, which project should be selected? Multiple Choice Project Y because it has a lower initial Investment Project X Both X and Y are acceptable project Project Neither X noe Y is an acceptable project