Indicate whether the statement is true or false. l. The financial loss that each stockholder in a corporation can incur is usually limited to the amount invested by the stockholder. 2. If 100 shares of treasury stock were purchased for $50 per share and then sold at $60 per share, $ 1,000 of income is reported in the income statement. 3. If 20,000 shares arc authorized, 15,000 shares arc issued, and 500 shares are held as treasury stock, a cash dividend of $1 per share would amount to $15,000. 4. Cash dividends become a liability to a corporation on the date of record. 5 Interest expense is reported in the operating expense section of the income statement. 6. The proceeds of a discounted note are equal to the face value of the note. 7. The proceeds from discounting a $20,000, 60-day, note payable at 6% is $20,200. 8. One of the more popular defined contribution plans is the 401 k plan