Please indicate weather each once increases, decreases, or has no effect to receive full credit for number 1:

A) The calculation of free cash flows to the firm will ______ if an analyst makes a valuation allowance for a deferred tax asset during the first year of forecasted horizon B). The total debt to equity ratio will _____ if employees exercise stock options C). The latest historical accounting information for a firm is for the year ended december 31, 1990. If an analyst merits the firms equity as of december 31, 1990 but then changes the valuation date to May 24th 1991, the analysts estimate of equity value will ______