thapter 24 Exercises 1 Saved Help Save & Exit Submit Check my work 022134 Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $283,500. Project 2 requires an initial investment of $192,000 Annual Amount Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Incont Project 1 $172,000 Project 2 $ 152,000 83,000 30,000 26,000 18,000 $25,000 $ 20,000 50,000 36,000 Book Pri (a) Compute each project's annual net cash flow (b) Compute payback period for each investment Weferences Complete this question by entering your answers in the tabs below. Required A Required Compute each project's annual net cash flow. Annual Amounts Mc Graw Project 1 Project 2