Which of the Following Descriptions of the Component Costs of Capital

Which of the following descriptions of the component costs of capital is INCORRECT?

A) The cost of preferred shares,K_p,is estimated as the current dividend yield on any existing preferred shares or shares of similar firms.
B) The cost of debt,K_d,is estimated as the after-tax cost of issuing new debt (such as bonds) today.
C) The cost of debt is estimated using the CAPM as the risk-free rate or long-term government bond yield plus beta times a market risk premium.
D) All of the above are correct.