Which of the following statement on capital budgeting is correct?

a) We should focus on the incremental profits, instead of incremental cash flows of the new project.

b) Depreciation tax shield adds value to a given project.

c) Other things being equal, applying a straight-line depreciation schedule gives a higher depreciation tax shield than applying the MACRS (Modified Accelerated Cost Recovery System) schedule.

d) All of the above.