Which of the following statements is true concerning variable interest entities (VIEs)?

1.. The role of the VIE equity investors can be fairly minor

2) A VIE may be created specifically to benefit its sponsoring firm with low-cost financing.

3) VIE governing agreements often limit activities and decision making.

4) VIEs usually have a well-defined and limited business activity.

IS IT:

a. 2 and 4.

b. 2, 3, and 4.

c. 1, 2, and 4.

d. 1, 2, and 3.

e. 1, 2, 3, and 4.