Which of the following is correct?

A. Capital budgeting analysis for expansion and replacement projects is esentially the same because the types of cash flows involved are the same.

B. The replacement decision involves analysis of two independent projects where the relevant cash flows include the initial investment, additiona depreciation, and the terminal value.

C. The change in working capital for a project is the difference between the required increase in current assets and the spontaneous increase in current liabilities and is always positive.

D. The incremental operating cash flow for capital budgeting includes return of invested capital, which is net income, and return of part of invested capital, which is depreciation.