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The options for the drop down are : Financial asset, Real asset, Financial Liability and Real Liability Lanni Products is a start-up computer software development
The options for the drop down are : Financial asset, Real asset, Financial Liability and Real Liability
Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $31,000 and has cash on hand of $18,000 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 $48,000 in cash and signs a note promising to pay back the loan over 3 years. The bank loan is a for Lanni, and a for the bank. The cash Lanni receives is a The new financial asset created is Lanni's promissory note to repay the loanStep by Step Solution
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