Which of the Following Are Agency Costs

Which of the following are agency costs?
I.Forgoing an investment opportunity which would add to the market value of the owner's equity
II.Paying a dividend to each of the existing shareholders
III.Purchasing new equipment which increases the value of each share of stock
IV.Hiring outside auditors to verify the accuracy of the company financial statements

A) I and III only
B) I and IV only
C) II and III only
D) II and IV only
E) I, II, and IV only