Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $29,000 and has cash on hand of $10,000 contributed by Lannis owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction? a. Lanni takes out a bank loan. It receives $40,000 in cash and signs a note promising to pay back the loan over 3 years. The bank loan is a (Click to select) financial liability financial asset real liability real asset for Lanni, and a (Click to select) real asset financial liability real liability financial asset for the bank. The cash Lanni receives is a (Click to select) real asset real liability financial asset financial liability . The new financial asset (Click to select) destroyed created is Lanni's promissory note to repay the loan. b. Lanni uses the cash from the bank plus $10,000 of its own funds to finance the development of new financial planning software. Lanni transfers (Click to select) real assets financial liability financial assets real liability (cash) to the software developers. In return, Lanni receives the completed software package, which is a (Click to select) financial liability real asset real liability financial asset . c. Lanni sells the software product to Microsoft, which will market it to the public under the Microsoft name. Lanni accepts payment in the form of 1,200 shares of Microsoft stock. Lanni exchanges the (Click to select) real asset real liability financial asset financial liability (the software) for a (Click to select) financial asset real asset financial liability real liability , which is 1,200 shares of Microsoft stock. If Microsoft issues new shares in order to pay Lanni, then this would represent the creation of new (Click to select) financial assets real liability real assets financial liability . d. Lanni sells the shares of stock for $46 per share and uses part of the proceeds to pay off the bank loan. By selling its shares in Microsoft, Lanni exchanges one (Click to select) real asset financial liability financial asset real liability (1,200 shares of stock) for another ($55,200 in cash). Lanni uses the (Click to select) real asset real liability financial asset financial liability of $40,000 in cash to repay the bank and retire its promissory note. The bank must return its (Click to select) real asset real liability financial liability financial asset to Lanni. The loan is (Click to select) destroyed created in the transaction, since it is retired when paid off and no longer exists.