$1.$ For each of the following items in underlined text, use $1$ sentence to explain whether it is a real or a financial asset and why.

a$.$ Valpo Velvet takes out a bank loan.

b$.$ The company then uses some of the loans to buy a piece of commercial property in downtown Valpo.

c$.$ The company uses the rest of the loan to purchase a soft serve machine.

d$.$ Finally, the company uses its revenues to buy the equity of a farm so that it controls the supply of milk for its ice cream.