Which statement is correct?

Under the Revised Corporation Code of the Philippines *

5 to 15 natural persons are needed to form a corporation.
at least 25% of authorized capital stock must be subscribed and at least 25% of the total
subscription must be paid and the minimum paid-up capital is at least P5,000
A corporation has a limited life until 50 years, unless extended
In corporations vested with public interest, the independent director shall constitute at least 20%
of the entire board membership
none of the above

Which statement is incorrect? *

When shares are issued for services received, the measure is equal to fair value of such services
or the fair value of shares issued, whichever is more clearly determinable.
Shares issued for noncash asset shall be measured first at fair market value of noncash asset
received
In the absence of any evidence to the contrary, subscriptions receivable is to be presented as
current asset.
Contributed capital includes the entire amount related to issuance and subscription of shares
regardless of whether the shares are par value or no par value.
none of the above