Identify which of the following statements are true for the corporate form of organization... 1. Owners have limited liability for corporate debts

2. Stockholders do not have the power to bind the corporation to contracts.

3. It has many of the same rights as an individual.

4. It does not end with the death of an owner.

5. Generally there is no double taxation on corporate income that is distributed to owners.

6. Corporations are often subject to fewer regulations than partnerships.

7. The president and vice presidents choose the board of directors.

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.