Indicate whether each of the following statements is true or false.
_____ 1. The corporation is an entity separate and distinct from its owners.
_____ 2. The liability of stockholders is normally limited to their investment in the corporation.

_____ 3. The relative lack of government regulation is an advantage of the corporate form of business.

_____ 4. There is no journal entry to record the authorization of capital stock.
_____ 5. No-par value stock is quite rare today.