The information below are related to the proposed project of adding a new section of comic books at the City Hall Bookstore. The project's time zero cash flow(s) include(s) ___________

I. depreciation tax shield of $5,000

II. loan of $400,000 used to finance the project

III. cost of inventory replenish of $1,600 in the first year

IV. $64,000 of equipment needed to commence the project

V. wage of $45,000 paid to two newly hired workers for the project

Multiple Choice

• IV only

• IV and V only

• I and II only

• I, II, III, and IV only

• I, II, and IV only