When evaluating a new project, firms should include in the projected cash flows all of the following EXCEPT:

a. The salvage value of assets used for the project that will be recovered at the end of the project's life.

b. Previous expenditures associated with a market test to determine the feasibility of the project, provided those costs have been expensed for tax purposes.

c. A decline in the sales of an existing product, provided that decline is directly attributable to this project.

d. The value of a building owned by the firm that will be used for this project.

e. Changes in net working capital attributable to the project.