On january 1, 2013, point corporation acquired an 80% interest in sharp company for $2,022,000. at that time sharp company had common stock of $1,476,000 and retained earnings of $710,000. the book values of sharp company’s assets and liabilities were equal to their fair values except for land and bonds payable. the land had a fair value of $98,000 and a book value of $81,000. the outstanding bonds were issued at par value on january 1, 2008, pay 11% annually, and mature on january 1, 2018. the bond principal is $503,000 and the current yield rate on similar bonds is 9%.

1. gdp is calculated by summing consumption, investment, and exports of all final goods and services produced within the borders of a given country during a specific period the dollar value of all final goods and services produced within the borders of a given country during a specific period government expenditures within the borders of a given country during a specific period the quantity of all final goods and services produced within the borders of a given country during a specific period

Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships.c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability

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