QUESTION 3 Sunshine Company issued 4,000 shares of its $5 par value common stock in payment of its attorney's bill of $80,000. The bill was for services performed in helping the company incorporate. Crain should record this transaction by debiting A. Legal Expense for $20,000. B. Organization Expense for $20,000. C. Organization Expense for $80,000. D. Legal Expense for $80,000. QUESTION 4 If a corporation has only one class of stock, it is referred to as A solitary stock. B. common stock. C. classless stock D preferred stock. QUESTION 5 Which one of the following would not be considered an advantage of the corporate form of organization? A Limited liability of owners B. Continuous life C. Government regulation D. Separate legal existence