Which of the following statements is incorrect? a. Preferred equities are separate from common equities. O b. Weights for equity in the WACC calculation are always based on market values O c. Cash from net working capital (NWC) for each year is defined as NWC,- NWC-1 O d. Sunk cost should not be included in the capital budgeting decision O e. Retained earnings are irrelevant in calculating the WACC