Depreciation must be considered when evaluating the incremental operating cash flows associated with a capital budgeting project because a.it represents a tax-deductible non-cash expense. O b. the firm has a cash outflow equal to the depreciation expense each year. O C. although it is a cash expense, depreciation has an impact on the taxes paid by the firm, which is a cash flow. O d. depreciation is a sunk cost. O e. None of the above is correct