Which of the Following Statements Is False

Which of the following statements is false?

A) Over the past 31-year period, Canadian corporations issued, on average, $21.1 billion of debt per year compared to $11.7 billion of equity per year.
B) Over the past 20 years, the tendency to use debt instead of equity is more pronounced but there are some notable exceptions.
C) Over the past 31-year period, Canadian corporations issued, on average, more equity per year than debt per year.
D) While firms seem to prefer debt when raising external funds, not all investment is externally funded.