True or False:

State TRUE or FALSE for the following; 1. Treasury stock should not be classified as a current asset. 2. Treasury stock purchased for $35 per share that is reissued at $31 per share, results in a Loss on Sale of Treasury Stock being recognized on the income statement. 3. In published annual reports, subdivisions within the stockholders' equity section are seldom presented, but additional information is frequently included in the footnotes to the financial statements. The term "Capital surplus" can be used instead of "Additional Paid-in Capital". A successful corporation can have a continuous and perpetual life. Organizational costs are capitalized by debiting an intangible asset entitled Organization 4. 5. 6. Costs. 7. The cash proceeds from issuing par value stock may be equal to or greater than, but not less than par value. 8. The cost of a noncash asset acquired in exchange for common stock should be either the fair value of the consideration given up or the consideration received, whichever is more clearly determinable. State TRUE or FALSE for the following; 1. Treasury stock should not be classified as a current asset. 2. Treasury stock purchased for $35 per share that is reissued at $31 per share, results in a Loss on Sale of Treasury Stock being recognized on the income statement. 3. In published annual reports, subdivisions within the stockholders' equity section are seldom presented, but additional information is frequently included in the footnotes to the financial statements. The term "Capital surplus" can be used instead of "Additional Paid-in Capital". A successful corporation can have a continuous and perpetual life. Organizational costs are capitalized by debiting an intangible asset entitled Organization 4. 5. 6. Costs. 7. The cash proceeds from issuing par value stock may be equal to or greater than, but not less than par value. 8. The cost of a noncash asset acquired in exchange for common stock should be either the fair value of the consideration given up or the consideration received, whichever is more clearly determinable