1. Distinguish between corporations and sole proprietorships in terms of the following characteristics: a) Owners' liability for debts of the business b) Transferability of ownership rights c) Continuity of existence d) Taxation on income 2. Distinguish between paid-in capital and retained earnings of a corporation. Why is such a distinction useful? 3. Explain the significance of the following dates relating to cash dividends: date of declaration, date of record and date of payment. 4. Distinguish between a stock split and a stock dividend. Is there any reason for the difference in accounting treatment of these two events
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