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A company is determining whether to renovate a commercial building they own, into high-end apartments....

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Accounting

A company is determining whether to renovate a commercial building they own, into high-end apartments. They purchased the building and real estate five years ago for $1.5 million. They estimate that the renovations will cost $1.75 to complete. Required zoning improvements and building permits are estimated to be $150,000. Accounting, marketing, and legal fees are estimated to be $280,000 to do this project. What is the sunk costs when deciding if they should do this project?
Group of answer choices
$150,000 for required zoning improvements and building permits
The $280,000 for accounting, marketing and legal fees
The $1.75 million to complete the renovations
The $1.5 million they paid five years ago for the building and real estate

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