Choose all that are not appropriate statements regarding financing options for firms.

$6$

$1.$

In a bankruptcy, if there is any money left after paying off all creditors, the money is distributed to shareholders.

$2.$

Money raised through share issues is cost$-$free.

$3.$

Debt is a form of liability that has a variable rate of return.

$4.$

Cost of funds raised through a bond issue is lower than the cost of funds raised through a share issue.

$5.$

Companies must always pay dividends to reward shareholders.