Pro forma statements for a proposed project should: I. be compiled on a stand-alone basis. II. include all the incremental cash flows related to the project. III. generally exclude interest expense. IV. include all project-related fixed asset acquisitions and disposals.

A. I and II only

B. II and III only

C. I, II, and IV only

D. II, III, and IV only

E. I, II, III, and IV