LOL. What is a corporation a) List at least 6 of a corporation's unique characteristics: b) Give a brief explanation of the following: i) Authorized stock - ii) Issued stock - iii) Outstanding stock - iv) Preferred stock - v) Par Value - vi) Common stock - c) What are the two parts of stockholder's equity? LO2. How is the issuance of stock accounted for a) When issuing common stock at par value, the journal entry would be to debit and credit LO3. How is treasury stock accounted for a) What is treasury stock? b) Why might a company later reacquire some of its own stock as treasury stock? c) ABC company recently repurchased some of its own stock as treasury stock for $1,000. The company is now selling the treasury stock for $1,100. The journal entry would be: Date Accounts and Explanation Debit Credit L04. How are dividends and stock splits accounted for a) Journalize for the 1) declaration of cash dividend of $1,000 and 2) payment of cash dividend: Date Accounts and Explanation Debit Credit b) Why might some companies issue stock dividends instead of cash dividends? c) ABC Company currently has 100,000 shares of common stock with a par value of $2 before a 2-for-1 split. What is the number of shares and par value after the split? Los. How is the complete corporate income statement prepared a) What may appear on a corporation's income statement that generally does not appear for smaller business? LO6. How is equity reported for a corporation a) What is included on the statement of retained earnings? b) The statement of stockholder's equity reports the changes in all accounts