When deriving Free Cash Flow to the Firm (FCFF), which of the following statements are true:

Select one:

a.

Depreciation has no impact on after-tax cashflows as it is added back to accounting profits

b.

Depreciation only has an impact on after-tax cashflows through the taxation calculation

c.

The difference between accounting and tax depreciation should be subtracted from the cashflows to capture the impact of taxation

d.

Depreciation reduces cashflow and is therefore subtracted in the EBIT calculation

e.

Depreciation should be deducted from after-tax cashflows because as a project ages, its value decreases