Which of the following statements is incorrect? The proportions of debt and equity used to determine the weighted average cost of capital for a firm is based on the market value of debt and equity outstanding, O The after-tax cost of equity (common or preferred) does not have to be adjusted by the marginal income tax rate for the form According to the U.S. tax code, preferred and common shares are considered debt and thus, benefit from an interest deduction O All the answers are correct except one. Left-hand side of finance balance sheets reflect total market value of assets, the present value of total cash flows that those assets are expected to generate in the future