True or False You don't need to explain it just please answer it correctly. Thanks.

1. When no-par ordinary shares without a stated value is issued for cash, the Ordinary Shares account is credited for an amount equal to the cash proceeds. 2. The sale of shares in a corporation by one shareholder to another affects the total capital of the corporation. 3. When ordinary shares are sold for a price higher than par value, the ordinary shares account is credited only for the par value of the shares sold. 4. In reference to the previous question, any amount received in excess of the par value of the ordinary shares sold is recorded as a credit to the retained earnings account. 5. When ordinary shares with a par value are sold for a price that exceeds par value, the Ordinary Shares account is credited only for the par value of the shares sold. 6. Ordinary shares may be issued at a price lower than its par value. 7. When treasury stock is sold at a price below its cost, the entry to record the sale has the effect of reducing total shareholders' equity. 8. Treasury stock usually is recorded at par value when purchased. 9. When ordinary shares with par value are sold, the proceeds should be credited to the ordinary shares account to the extent of the par value of the shares. 10. Preference share is considered the residual equity of a corporation. 11. The number of authorized shares should always equal or exceed the number of outstanding shares. 12. Treasury stocks are part of the outstanding share capital of a corporation. 13. Assets received from shareholders as donations should be recorded at the fair market value of the items received, with the credit going to share premium. 14. The death of a shareholder results in the dissolution of the corporation. 15. Corporations are subject to less government control and regulation than other forms of business. 16. Corporation is a separate entity for legal purposes. 17. The interest or right of the owner in the management of the corporation, in its surplus profits, and upon dissolution, in the balance of its assets after the payment of debts is share of stock. 18. Retained earnings is a fund of cash accumulated from profitable operations of the business. 19. When no-par ordinary shares have a stated value, the stated value of the shares issued normally is considered the legal capital of the corporation. 20. The entire consideration received by the corporation for its no-par value shares shall be treated as capital and shall not be available for distribution as dividends. 21. A certificate of stock is a written acknowledgment by the corporation of an interest of a shareholder in the corporate property and franchise. 22. When ordinary shares with par value are sold, the proceeds should be credited to the ordinary shares account in full. 23. The liability of a shareholder is usually limited to the shareholder's investment in the corporation. . 24. One disadvantage of a corporation is the lack of mutual agency. 25. The entry to record the retirement of treasury stock will include a debit to Ordinary Shares account for the amount of the cost to retire the shares. 26. Treasury shares are shares that are issued but not outstanding. 27. Management engages the corporation's independent auditors. 28. The limited liability of a shareholder can be viewed as both an advantage and a disadvantage. 29. The par value of share refers to its value on the open market. 30. When ordinary shares without par value are sold, the proceeds should be credited to the ordinary shares account. 31. Legal capital is that portion of the contributed capital or the minimum amount of paid-in capital, which must remain in the corporation for the protection of corporate creditors 32. Treasury stock is reported as an asset on the statement position because treasury shares may be sold later. 33. The highest bidder in a delinquency sale is the person willing to pay the "offer price" that includes the full amount of the subscription balance plus accrued interest, cost of advertisement and expenses of auction sale in exchange for the smallest number of shares. 34. Treasury stocks refer to shares reacquired by the issuing corporation. 35. The purchase of treasury stocks reduces both total assets and total shareholders' equity. 36. The entry to record the purchase of treasury stock will cause total shareholders' equity to decrease by the amount of the cost of the treasury shares. 37. When 10,000 shares of P20 par value ordinary' shares are issued in payment for a parcel of land with a fair market value of P300,000, the Ordinary Shares account is credited for P200,000, and the Share Premium-Ordinary account is credited for P100,000. 38. If share capital is issued for an outstanding liability, the fair market value of the share capital issued should be the measure for recording. 39. The balance in the Share Premium account must be added to the balance of the Ordinary Shares account to compute the amount of legal capital for a corporation with a par value ordinary share. 40. Treasury stocks shall have no voting right as long as they remain in the treasury. 41. Organization cost is an asset and is usually amortized over five years. 42. The reissuance of treasury stocks for less than their par or issued value is prohibited by law. 43. Contributed capital has two major componentslegal capital and share premium. In case of par value shares, legal capital is the aggregate par value of all issued and subscribed shares. 44. If share capital is issued for a non-cash consideration, the proceeds is recorded at an amount equal to the following in the order of priority: fair market value of share capital issued, fair market value of the non-cash consideration received and par or stated value of the share capital issued. 45. Treasury stock may be either ordinary or preference share. 46. The sale of treasury stock at an amount greater than cost results in a gain to be reported on the statement of recognized income and expense. 47. Fair market value is the estimated amount that a willing seller would receive from a financially capable buyer for the sale or exchange of the asset in a free market. 48. An advantage of the corporate form is the ability of the board to hire professional managers to attend to the corporation's affairs. 49. In the event of corporate liquidation, shareholders whose stock is preferred as to assets are entitled to receive the par value of their shares before any amounts are distributed to creditors or ordinary shareholders. 50. The concept of legal capital exists to protect the corporation's assets for the shareholders of the corporation. 51. The cost of treasury stock is deducted from total share capital and retained earnings in determining total shareholders' equity. 52. In case of no-par shares, legal capital is the total consideration received by the corporation for the issuance of its shares to the shareholders but this would necessarily exclude the excess of issue price over the stated value. 53. The Corporation Code prohibits the original issue of share capital for a consideration less than the par or stated value. 54. The par value of a share of share capital is an indication of the book value of the share of stock. 55. The highest bidder in a delinquency sale is the person willing to pay the "offer price" that includes the full amount of the subscription balance plus accrued interest, cost of advertisement and expenses of auction sale in exchange for the highest number of shares. 56. The board of directors carries out the day-to-day operations of the business. 57. The par value of share constitutes the legal capital of a corporation. 58. The reissuance of treasury stocks at a price above cost results in a gain to be reported in the statement of recognized income and expense. 59. Shareholders elect the board of directors which appoints the management of a Corporation. Bus