Which of the following is true regarding corporations? * Corporate charters are issued by the federal government. A proxy is a temporary president hired by the board of directors. A corporation is a separate legal entity that may sue and be sued as if it were a person. The president and various vice presidents are elected by the stockholders. This is a required question On September 1, 2006, Rhett Associates borrowed $700,000 from Scarlett Credit Union and signed a 9%, one-year note payable, all due at maturity. * The Amount Rhett must pay on September 1 2007, when the note matures is The interest expense Rhett will recognize on this note in 2007 is The interest expense Rhett will recognize on this note in 2006 is At December 31st 2006, Rhett Associates liability too credit union is 1 po 4 poi 763000 42000 21000 721000 This question requires one response per row Outstanding stock of the Bush Corporation included 40,000 shares of $5 par common stock and 20,000 shares of 5%, $10 par non-cumulative preferred stock. In 20X1, Bush did not declare or pay any dividends. In 20X2, Bush declared and paid dividends of $24,000. How much of the 20X2 dividend was distributed to preferred shareholders? * $10,000. $20,000 1 pc $14,000. $18,000.