| Which of the following factors would cause a company’s gearing ratio to fall?1    A bonus issue of ordinary shares.
 2    A rights issue of ordinary shares.
 3    An issue of loan notes.
 4    An upward revaluation of non-current assets.
 A    1 and 3
 B    2 and 3
 C    1 and 4
 D    2 and 4
 D |