Which of the following statements is not true?

A. A cash sale of used machinery and equipment at its net book value (no gain or loss) will neither increase nor

decrease the equity multiplier ratio

B. Taking out a bank loan and using the funds to buy back some outstanding shares of common stock will

increase the return on equity ratio.

Issuing new shares of common stock in exchange for cash will decrease the debt-to-equity ratio

C. Using cash to pay off a bank loan will increase total asset turnover.

D. Taking out a bank loan and using the funds to purchase new machinery and equipment will increase the book value per share.