Business application- Indicate whether each of the following actions is primarily related to (a) acquisition of long-term assets, (b) evaluating the financing of long- term assets, or (c) applying accrual accounting to long-term assets:
1. Deciding whether to rent or buy a piece of equipment.
2. Allocating costs on a group purchase.
3. Deciding to use the production method of depreciation.
4. Determining the total units a machine will produce.
5. Deciding to borrow funds to purchase equipment.
6. Estimating the savings a new machine will produce and comparing that amount to cost.
7. Examining the trend of free cash flow over several years.