Pro Forma Free Cash Flows for a Proposed Project Should

Pro forma free cash flows for a proposed project should:
I.exclude the cost of employing existing assets that could be sold anyway.
II.exclude interest expense.
III.include the depreciation tax shield related to the project.
IV.exclude any required increase in operating current assets.

A) I and II only
B) II and III only
C) II and IV only
D) I, III, and IV only
E) I, II, III, and IV
F) None of the above.