Which of the following are relevant cash flows?

A cell-phone company losses $10,000 of sales of an old phone model due to a new model hitting the market.

You pay a lawyer $34,000 to examine the copyright issues of a new project prior to its implementation.

In order to finance a new project, your firm may borrow long-term bonds. The interest expenses for these are bonds are $56,000 per year.

Your company redesigns a building that once produced toothbrushes to now produce remote controls. You lose $36,000 from the decreasing toothbrush sales.

a. I and II only

b. I, II, and III only

c. I and IV only

d. II and III only