Indicate whether each of the following statements is true or false.
______1. The corporation is an entity separate and distinct from its owners.
______2. The liability of stockholders is normally limited to their investment in the corporation.
______3. The relative lack of government regulation is an advantage of the corporate form of business.
______4. There is no journal entry to record the authorization of capital stock.
______5. No-par value stock is quite rare today.