Peregrine's "sale" of its accounts receivable was improper in that: 1) Some of the sold" invoices were totally fake invoices. 2) Some invoices involved inconclusive agreements that did not yet represent binding obligations on the part of the potential customers. 3) Peregrine had an obligation to repurchase some of the invoices from the banks if the customers failed to pay the banks, therefore, Peregrine should have recorded these transactions as loans from the banks, instead of sales of accounts receivable to the banks. 4) All of the above