Ludington, Inc. purchased a new machine on January 1 for $350,000. The machine is expected to have a useful life of 8 years and no salvage value. Straight-line depreciation is to be used. The internal rate of return on the project is 14%. The present value of the annual cash inflows generated by the machine was calculated to be $371,120 using the internal rate of return of 14%. What was the annual cash inflow that was used in the calculation of the present value?
A) $350,000 x 0.351
B) $350,000 ÷ 4.639
C) $371,120 x 0.351
D) $371,120 ÷ 4.639