connect EXERCISES Exercise 11-1 Characteristics of corporations C1 In the blank next to each corporate characteristic / through 8, enter the letter of the description that relates to it. 1. Owner authority and control a. Requires government approval 2. Ease of formation b. Corporate income is taxed 3. Transferability of ownership c. Separate legal entity 4. Ability to raise large capital amounts d. Readily transferred 5. Duration of life e. One vote per share 6. Owner liability f. High ability 7. Legal status g. Unlimited 8. Tax status of income h. Limited Exercise 11-2 Accounting for par, stated. and no par stock issuances Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 21 Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $2 par value. 2. The stock has neither par nor stated value. 3. The stock has a $5 stated value. Exercise 11-3 Recording stock issuances Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for the forts, estimated to be worth $40,000. The stock has a si per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for forts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. L er n et in exchange for land and a burn in exchange for a