Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $19, 000 and has cash on hand of $30, 000 contributed by Lanni's 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? Lanni takes out a bank loan. It receives $30, 000 in cash and signs a note promising to pay back the loan over 3 years. The bank loan is a financial liability for Lanni, and a financial asset for the bank. The cash Lanni receives is a financial asset. The new financial asset created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $30, 000 of its own funds to finance the development of new financial planning software. Lanni transfers (Click to select) (cash) to the software developers. In return, Lanni receives the completed software package, which is a (Click to select). (Click to select) financial assets are created or destroyed: cash is simply transferred from one party to another. 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, 850 shares of Microsoft stock. Lanni exchanges the (Click to select) (the software) for a (Click to select), which is 1, 850 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) Lanni sells the shares of stock for $35 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) (1, 850 shares of stock) for another ($64, 750 in cash). Lanni uses the (Click to select) of $30, 000 in cash to repay the bank and retire its promissory note. The bank must return its (Click to select) to Lanni. The loan is (Click to select) in the transaction, since it is retired when paid off and no longer exists. Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $19, 000 and has cash on hand of $30, 000 contributed by Lanni's 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? Lanni takes out a bank loan. It receives $30, 000 in cash and signs a note promising to pay back the loan over 3 years. The bank loan is a financial liability for Lanni, and a financial asset for the bank. The cash Lanni receives is a financial asset. The new financial asset created is Lanni's promissory note to repay the loan. Lanni uses the cash from the bank plus $30, 000 of its own funds to finance the development of new financial planning software. Lanni transfers (Click to select) (cash) to the software developers. In return, Lanni receives the completed software package, which is a (Click to select). (Click to select) financial assets are created or destroyed: cash is simply transferred from one party to another. 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, 850 shares of Microsoft stock. Lanni exchanges the (Click to select) (the software) for a (Click to select), which is 1, 850 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) Lanni sells the shares of stock for $35 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) (1, 850 shares of stock) for another ($64, 750 in cash). Lanni uses the (Click to select) of $30, 000 in cash to repay the bank and retire its promissory note. The bank must return its (Click to select) to Lanni. The loan is (Click to select) in the transaction, since it is retired when paid off and no longer exists