When estimating the operating cash flows for a proposed project, why is depreciation added back to the after-tax income amounts for the project? Because depreciation amounts on the firm’s reported income statement usually underestimate the actual economic depreciation of an asset Because tax authorities require matching the actual economic depreciation of an asset to the accounting depreciation that is used to estimate cash flows Because depreciation represents book value amounts, not market value amounts Because depreciation is a non-cash, tax-deductible expense that was subtracted from the expected project revenues none of the above