Characteristics of a corporation include: (Points: 2) shareholders who are mutual agents direct management by the shareholders (owners) its inability to own property shareholders who have limited liability 2. One of the main disadvantages of the corporate form is the (Points: 2) professional management double taxation of dividends charter corporation must issue stock 3. Under the corporate form of business organization (Points: 2) ownership rights are easily transferred. a stockholder is personally liable for the debts of the corporation. stockholders acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation. stockholders wishing to sell their corporation shares must get the approval of other stockholders. 4. The ability of a corporation to obtain capital is (Points: 2) less than a partnership. about the same as a partnership. restricted because of the limited life of the corporation. enhanced because of limited liability and ease of share transferability. 5. Stockholders' equity (Points: 2) is usually equal to cash on hand includes paid-in capital and liabilities includes retained earnings and paid-in capital is shown on the income statement 6. The state charter allows a corporation to issue only a certain number of shares of each class of stock. This amount of stock is called (Points: 2) treasury stock issued stock outstanding stock authorized stock 7. The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 45,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding? (Points: 2) 5,000 45,000 40,000 50,000 8. A corporation issues 1,500 shares of common stock for $ 32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for (Points: 2) $15,000 $32,000 $17,000 $2,000 9. When common stock is issued in exchange for a noncash asset, the transaction should be recorded at (Points: 2) the par value of the stock issued the fair market value of the stock the fair market value of the asset acquired the fair market value of the asset acquired or the fair market value of the stock, whichever can be determined more objectively. 10. If common stock is issued for an amount greater than par value, the excess should be credited to (Points: 2) Retained Earnings. Cash. Legal Capital. Paid-in Capital in Excess of Par Value.