Explain how shareholders feel (happy, sad, even) as far as these transactions are concerned:

a. A brand-new machine is bought for cash and installed in the factory.

b. That machine is depreciated at the end of its first month of life.

c. Interest is paid at due date.

d. Corporate tax for the year that has just ended is not paid; it will be paid in three months.

e. A loan is taken from a bank today.