All corporations are required to issue common stock and they can choose to issue preferred stock. True False If common stock has a par or stated value and is issued for more than the par or stated value, the required journal entry is Cash Common Stock Paid In Capital in Excess of Par - Common Stock Common Stock Paid In Capital in Excess of Par - Common Stock Cash Cash Common Stock Common Stock Paid In Capital in Excess of Par - Common Stock A corporation's legal capital is comprised of None of the answers is correct Common Stock and Preferred Stock Common Stock, Paid in Capital in Excess of Par - Common Stock, Preferred Stock, Paid in Capital in Excess of Par - Preferred Stock, and Retained Earnings Common Stock, Paid in Capital in Excess of Par - Common Stock, Preferred Stock, and Paid in Capital in Excess of Par - Preferred Stock Which of the following are considered to be advantages of operating as a corporation (select all that apply)? Separate legal existence Government regulation Access to capital Additional taxes Professional management Limited liability for shareholders Ease of transferring ownership Continuous life Corporations can be classified as (select all that apply): For Profit versus Not for Profit Public versus Private Tangible versus Intangible Large versus Small