would appreciate help on all of them

Mark Kemp, a student, asks your help in understanding the following characteristics of a corporation: (a) separate legal existence. (b) limited liability of stockholders, and (c) transferable ownership rights. Explain these characteristics to Mark. a. Your friend Katie Fehr cannot understand how the characteristic of corporation management is both an advantage and a disadvantage. Clarify this problem for Katie. b. Identify and explain two other disadvantages of a corporation. 3. For what reasons might a company like IBM repurchase some of its stock (treasury stock)? a. What are the principal differences between common stock and preferred stock? Preferred stock may be cumulative. Discuss this feature. How are dividends in arrears presented in the financial statements? Indicate how each of the following accounts should be classified in the stockholders' equity section. a. Common stock. b. Paid-in capital in excess of par--common stock. c. Retained earnings. d. Treasury stock. e. Paid-in capital from treasury stock. f. Paid-in capital in excess of stated value-common stock. g. Preferred stock. a. Three dates are important in connection with cash dividends. Identify these dates. and explain their significance to the corporation and its stockholders. b. Identify the accounting entries that are made for a cash dividend and the date of each entry