Which of the following actions by a company constitute capital budgeting?

Select one:

a. Selling off parcels of land that had been held for speculation and using the proceeds to buy shares in IBM

b. Restructuring long- and short-term debt to take advantage of lower interest rates available with long-term bonds, thereby increasing cash for dividends in the coming years

c. Entering into a 20-year lease with substantial cancellation penalties for a software system to handle the companys increasing financial and management accounting needs

d. Issuing a new type of stock offering that does not confer voting rights but which places these new stockholders ahead of existing stockholders if the company goes into receivership