Identify which of the following statements are true for the corporate form of organization. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) owners have limited liability for corporate debts Shareholders are not personally liable for corporate acts. Directors oversee its business affairs. The sale of shares from one stockholder to another does not impact operations. An exception is when it changes the makeup of directors. C Generally there is no double taxation on corporate income that is distributed to owners. Corporations are often subject to fewer regulations than partnerships, Stockholders are expected to hire and fire key executives, Prepare the journal entry to record Zende Company's issuance of 78,000 shares of $7 par value common stock assuming the shares sell for a. $7 cash per share b. $8 cash per share View transaction list Journal entry worksheet 1 2 7 Record the issuance of 78,000 shares of $7 par value common stock assuming the shares sell for $7 cash per share. Note: Enter debits before credits Wendy Agee . Pe Journal entry worksheet Record the issuance of 78,000 shares of $7 par value common stock assuming the shares sell for $8 cash per share. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Record entry Clear entry View general Journal