Cowboy Curtiss' Cowboy Hat Company Recently Completed a Merger

Cowboy Curtiss' Cowboy Hat Company recently completed a merger. When valuing the combined firm after the merger, which of the following is an example of the type of common mistake that can occur?

A) The use of market values in valuing either of the new firm.
B) The inclusion of cash flows that are incremental to the decision.
C) The use of its own correct discount rate when valuing the cash flows of the entire company.
D) The inclusion of all relevant transactions cost associated with the acquisition.