When evaluating a new project, firms should include in the projected cash flows all of the following except

A) previous expenditures associated with a market test to determine the feasibility of the project.

B) the salvage value of assets used for the project that will be recovered at the end of the project's life.

C) a decline in the sales of an existing product, provided that decline is directly attributable to this project.

D) the value of a building owned by the firm that will be used for this project.