Final answer:
The sentence 'As it happens, you are right, and I am wrong' is a compound sentence as it consists of two main clauses joined by a coordinating conjunction.
Step-by-step explanation:
The sentence in question, "As it happens, you are right, and I am wrong," is a compound sentence. This is because it contains two main clauses that are equally important to the meaning of the sentence and are joined using a coordinating conjunction. The main clauses here are "you are right" and "I am wrong," which could each stand alone as a sentence. The phrase "As it happens," does not have a subject and a verb that stand alone, so it does not count as an independent or subordinate clause in this context; it functions as an introductory phrase.