1. Why are large corporations often described as publicly owned? 2. Distinguish between corporations and sole proprietorships in the terms of the following charactistics. a. Owners' liability for debts of the business. b. Transferability of ownership interest c. Continuity of existence d. Federal taxation on income 3. Distinguish between paid-in capital and retained earnings of a corporation. Why is such a distinction useful? 4. State the balance sheet or income statement classification (asset, liability, stockholders' equity, revenue, or expense) of each of the following accounts. 5. What is the purpose of a stock split? 6. What is treasury stock? Why do corporations purchase their own shares? Is treasury stock an asset? How should it be reported in the balance sheet Submit answers by Sunday midnight