Use the following information to answer the question below:

• Acquirer purchases 100% of target by issuing $100 million in new debt to purchase target shares, carrying an interest rate of 10%
• Excess cash is used to help pay for the acquisition
• Acquirer expects to be able to close down several of the target companys old manufacturing facilities and save an estimated $2 million in the first year
• Target PP&E is written up by $25 million to fair market value
• Investment bankers, accountants, and consultants on the deal earned $30 million in fees

Which of the following adjustments would be made to the pro forma income statement?

• Advisory fee expense of $30 million
• Depreciation expense increase due to PP&E write-up
• Pre-tax synergies of $2 million
• All of the above