DO IT 12. 1a (LO 1) Indicate whether each of the following statements is true or false. I false, ins cate how to correct the statement 1. The corporation is an entity separate and distinct from its owners 2. The liability of shareholders is normally limited to their investment in the corporation 3. The relative lack of government regulation is an advantage of the corporate form of 4. There is no journal entry to record the authorization of ordinary shares. 5. No par value shares are quite rare today. business