Andrea has prepared the following list of statements about corporations. Identify each statement as true or false. 1. A corporation is an entity separate and distinct from its owners. select between true or false 2. As a legal entity, a corporation has most of the rights and privileges of a person. select between true or false 3. Most of the largest U. S. corporations are privately held corporations. select between true or false 4. Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued. select between true or false 5. The net income of a corporation is not taxed as a separate entity. select between true or false 6. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts. select between true or false 7. The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders. select between true or false 8. The board of directors of a corporation legally owns the corporation. select between true or false 9. The chief accounting officer of a corporation is the controller. select between true or false 10. Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.