When evaluating a new project, firms should include in the projected cash flows all of the following EXCEPT which statement?
previous expenditures associated with a market test to determine the feasibility of the project provided those costs have been expensed for tax purposes
a decline in the sales of an existing product provided that decline is directly attributable to this project
the value of a building owned by the firm that will be used for this project
the salvage value of assets used for the project at the end of the project’s life.