$1\mathrm{.}2\mathrm{.}3\mathrm{.}4\mathrm{.}5\mathrm{.}6\mathrm{.}7.$Which one of the following would not be considered an advantage of the corporate form oforganization?a$.$Limited liability of ownersb. Separate legal existenceC.Continuous lifed. Government regulationThe two ways that a corporation can be classified by purpose area. general and limited$.$b$.$ profit and not$-$for$-$profit.C$.$state and federal.d$.$ publicly held and privately held.The term residual claim refers to a stockholders' right toa. receive dividends.b$.$ share in assets upon liquidation.c$.$ acquire additional shares when offered.d$.$ exercise a proxy vote.If Vickers Company issues $5,000$ shares of $$5$ par value common stock for $$175,000,$a$.$ Common Stock will be credited for $$175,000$b$.$ Paid$-$In Capital in Excess of Par will be credited for $$25,000.$C$.$Paid$-$In Capital in Excess of Par will be credited for $$150,000.$d$.$ Cash will be debited for $$150,000.$If common stock is issued for an amount greater than par value, the excess should be credited toa. Cash. b$.$Retained Earnings.C$.$Paid$-$in Capital in Excess of Par.d$.$Legal Capital.If stock is issued for a noncash asset, the asset should be recorded on the books of the corporation atfair value.b$.$ cost$.$c$.$ zero.d$.$ a nominal amount.Which of the following represents the largest number of common shares?a$.$ Treasury sharesb. Issued sharesc. Outstanding sharesd. Authorized shares