every grade school child learns the formula d=rt (distance equals rate multiplied by time). we know the speed of light, and we can easily measure the distance between the machine and the mirror and multiple that to give the distance the light travels. so we have both d and r, and we can easily calculate t. the people on the spaceship compare their new "light clock" with their various wrist watches and other clocks, and they are satisfied that they can measure time well using their new light clock.