Which of the following entities appears not to be a going concern?

a. Company K’s management intends to liquidate the entity.

b. Company L’s management is being forced to cease the entity’s operations due to a major change in government policies.

c. Company M’s management is unable to extend its long-term loan and, given its losses in recent years, it is unlikely that it will be able to raise funds through other means to pay for the loan.

d. None of the three companies is likely to be a going concern.