With regard to corporations, to what does "limited liability" refer?
if a corporation cannot pay its debts, the assets of the owners are protected from creditors.
if a corporation cannot pay its debts, the government insures the investments of the owners.
if a corporation fails, investors are able to sue the owners to recover a portion of their money.
if a corporation fails, the government will purchase the company if it is important to the economy.

On july 2, year 4, wynn, inc., purchased as a short-term investment a $1 million face-value kean co. 8% bond for $910,000 plus accrued interest to yield 10%. the bonds mature on january 1, year 11, and pay interest annually on january 1. on december 31, year 4, the bonds had a fair value of $945,000. on february 13, year 5, wynn sold the bonds for $920,000. in its december 31, year 4, balance sheet, what amount should wynn report for the bond if it is classified as an available-for-sale security?