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Which one is false about sole proprietorship? It pays no corporate income tax on profits - instead, they are included in the proprietor's personal taxable income (no double taxation) The life of the proprietorship is limited to the life of its founder. Relatively few government regulations affect it The owner has a limited liability. In 2020 , the gross (tangible) fixed assets for a business were reported to be $100 million. Also, in 2019 , the accumulated depreciation was reported to be $85,000 for the same business. You are further informed that this business reported $5,000 depreciation expense on its 2020 income statement. Based on this information, what would be the net fixed asset value in 2020 ? $15,000$20,000$5,000$10,000 A company reported the following data for a given year: - $24 million in net income - $230 million in common stock - $56 million in preferred stock - $78 million retained earnings Based on the data reported, what is the total common equity (in millions)? 332 308 364 388