Describe how each of the following characteristics of organizations applies to corporations.

1. Describe how each of the following characteristics of organizations applies to corporations.1. Duration of life5. Owner authority and control2. Owner liability6. Ease of formation3. Legal status7. Transferability of ownership4. Tax status of income8. Ability to raise large capital amounts2. Aloha Corporation issues 6,000 shares of its common stock for $144,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.a. The stock has neither par nor stated value.b. The stock has a $20 par value.c. The stock has an $8 stated value.

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