The Treasury Stock account is a contra asset account. True or False True False Corporations are subject to income taxes and must estimate their income tax liability when preparing financial statements True or False True False Which of the following transactions is not a noncash investing and financing activity? Multiple Choice The purchase of long-term assets financed by Issuing a note or bond. O The leasing of assets in a longterm lease transaction. The collection of cash from sales that were made on credit The retirement of debt by Issuing equity stock. The purchase of noncash assets in exchange for equity or debt