Which of the following sources of new earnings volatility demonstrates the effect of business versus financial risk (discuss the rationale for your decisions):

a. Bowson Mfg, Inc. recently constructed a new office building and borrowed 100 percent of the money needed to fund the project.

b. In the past, Clarkson Resources has hired an outside firm to prepare all of its printed documents. However, last year the firm acquired its own printing press (paying cash).

c. Merriwether Heating and AC Company is located in Chicago. The firm’s sole business has been installing and maintaining office heating and cooling systems. However, recently the company’s owner, who is an avid skier, decided to purchase a golf course.