Andrea has prepared the following list of statements about corporations identify each statement as true or false. 1. A corporation is an entity separabe and distinct from its owners 2. As a legal entity, a corporation has most of the rights and privileges of a person 3, Most of the largest u.s. corporations are privately held corporations 4. Corporations may buy, own, and sell property, borrow money; enter into legaily binding contracts; and sue and be sued $, The net income of a corporation is not taxed asseparate entity. . Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts 2. The transfer of stock from one owner to another requires the approval of either the corporation or ather stockhoiders 8. The board of directors of a corporation legaly owns the corporation 9. The chief accounting officer of a corporation is the controller 10. Corporations are subject to fewer state and federal regulations than partnerships or propretorships question Attmpts: unlimited sav. ro"LATER command option