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Question 1 4 pts 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 no 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, $220,000 common stock, $1,100,000 cash, $1,100,000 Question 3 4 pts Our company is authorized to issue 100,000 shares of no par value common stock that has a $1 stated value. On August 21 we issued 20,000 shares for $12 per share. What account(s) and amount(s) would we debit when we record the journal entry for this transaction? cash, $240,000 common stock, $100,000; and paid in capital in excess of stated value, $1,100,000 . common stock, $20,000; and paid in capital in excess of stated value, $220,000 cash, $1,200,000 Question 4 4 pts Our company originally issued 1,000 shares of $1 par value common stock for $9 per share. We repurchased 200 shares of the stock as treasury stock for $10 per share. On September 5, we sold 100 shares of treasury stock for $12 per share. What account(s) and amount(s) would we debit when we record the journal entry for the September 5 transaction? cash, $1,200 . treasury stock, $1,000; and paid in capital from treasury stock, $200 treasury stock, $1,000 cash, $1,000

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