Which of the following is an advantage of a corporation? O Corporations cannot be privately held. O Earnings of the corporation may be subject to double taxation. Stockholders have liability for debts of the corporation. O Corporations have a continuous life. Question 2 Our company is authorized to issue 100,000 shares of $0.50 par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we debit when we record the journal entry for this transaction? cash, $220,000 4 pts O common stock, $50,000; and paid in capital in excess of par value, $1,050,000 O common stock, $10,000; and paid in capital in excess of par value, $210,000 Ocash, $1,100,000

Which of the following is an advantage of a corporation? Corporations cannot be privately held. Earnings of the corporation may be subject to double taxation. Stockholders have liability for debts of the corporation. Corporations have a continuous life. Question 2 4 pts Our company is authorized to issue 100,000 shares of $0.50 par value common stock. On August 21 we issued 20,000 shares for $11 per share. What account(s) and amount(s) would we debit when we record the journal entry for this transaction? cash, $220,000 common stock, $50,000; and paid in capital in excess of par value, $1,050,000 common stock, $10,000; and paid in capital in excess of par value, $210,000 cash, $1,100,000