When evaluating whether to proceed with a project, the firm should consider all of the following factors except which one? (i. e., which is a "not relevant" versus "relevant" cash flow? )

changes in working capital attributable to the project

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

the current market value of any equipment to be sold and replaced.

the resulting difference in depreciation if the project involves a replacement decision.

all of the above should be considered.