Which one of the following statements is NOT correct: 

a. Leasing equipment is equivalent to selling debt and buying the equipment, and then later selling the equipment and paying off the debt. 

b. Interest expense on debt used in a business is tax-deductible for the business. 

c. Dividends paid on equity that funds a business is tax-deductible for the business. 

d. Debt payments must be paid whereas dividend payments are at the discretion of managers.