3. Decision making factors in the capital budgeting process Which of the following factors should Kellogg Systems Inc, include in a capital budgeting analysis? Check all that apply. Kellogg's replacement of an inefficient machine with a new, more efficient, unit will reduce raw materials waste by 10,000 per year. Kellogg's annual interest expense will increase from $2 million to $3 million, due to the debt raised to finance a project. Kellogg's forecasted cash flows are expressed on an after-tax, as opposed to pre-tax, basis. Kellogg's preferred stock pays $250,000 in dividends each year