Moose Pastures Inc $($MPI$)$ is contemplating the construction of a new retail store

on vacant land that it already owns. Which of the following should be included

as an incremental cash flow in a capital budgeting analysis?

I. The cost of a marketing research study to gauge customer demand at

the new retail store.

II$.$ The original purchase price of the land where the store will be built.

III. The value of the land if it is sold.

IV$.$ Interest on the debt borrowed to pay for construction of the retail store.

A$.$ II and IV only

B$.$ III only

C$.$ I, II$,$ III and IV$.$

D$.$ None of the cash flows should be included