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Which of the following statements is true? 1. The book value of an old machine is always considered an opportunity cost in a decision. II. A cost that will be incurred regardiess of which alternative is selected is not relevant when choosing between the alternatives. 1II. A complete income statement need not be prepared as part of a differential cost analysis: IV. An avoidable cost is a sunk cost that can be eliminated (in whole or in pait) as a result of choosing one altemative over anothet. Mutiple Chaice Both statements I and II are true Both statements 11 and 16 are true: Bothstatements if and N are true. Both stofements I and lill ore true