Question 1 of 2 -/15 E View Policies Current Attempt in Progress Andrea has prepared the following list of statements about corporations. Identify whether each statement is true or false. 1. 2. 3. 4. 5. 6. A corporation is an entity separate and distinct from its owners. As a legal entity, a corporation has most of the rights and privileges of a person. Most of the largest U.S. corporations are privately held corporations. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts, and sue and be sued. The net income of a corporation is not taxed as a separate entity. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts. The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders. The board of directors of a corporation legally owns the corporation. The chief accounting officer of a corporation is the controller. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships. 7. 8. 9. 10. e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer O G S O View Policies Current Attempt in Progress During its first year of operations, Flounder Corp. had these transactions pertaining to its common stock. Jan. 10 July 1 Issued 25,500 shares for cash at $6 per share. Issued 52,500 shares for cash at $8 per share. Journalize the transactions, assuming that the common stock has a par value of 56 per share. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share (b) (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit (a) (b) o s o 8