EXERCISES E13-1 Andrea has prepared the following list of statements about corporations. 1. A corporation is an entity separate 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 legally binding contracts; and sue and be sued 5. The net income of a corporation is not taxed as a separate entity EXERCISES E13-1 Andrea has prepared the following list of statements about corporations. 1. A corporation is an entity separate 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 legally binding contracts; and sue and be sued 5. The net income of a corporation is not taxed as a separate entity