1. TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) A corporation is not an entity that is separate and distinct from its owners. 2) The liability of a stockholder is usually limited to the stockholder's investment in the corporation. 3) The sale of shares in a corporation by one stockholder to another affects the total capital of the corporation. 4) As soon as a corporation is authorized to sell stock, an accounting journal entry should be made recording the total value of the shares authorized. 5) The par value of common stock must always be equal to its market value on the date the stock is issued. 6) For accounting purposes, stated value is treated the same way as par value. 7) Treasury stock should not be classified as a current asset. 8) Treasury stock is a contra stockholders' equity account