Which of the following statements about project cash flow estimation is most correct?

Because capital investment analysis involves the price paid for new long-term assets, shipping charges are not considered.

If inflation is ignored when estimating a project's cash flows, the project's profitability typically will be overstated.

The current value of land purchased in the past is not a relevant cash flow, because the price paid for the land is a sunk cost.

Depreciation expense can be ignored when estimating project cash flows within not-for-profit organizations.

The impact of the project on other project cash flows can be ignored within not-for-profit organizations.