50% - $ % .0 .00 123 fx E A 1 2 Part B: Thinking - T8 Answer each of the following questions in the space provided. Carefully read all instructions During 2019, Quest Corporation had the following transactions and events: 1. Issued preferred shares for cash. 2. Issued common shares for cash. 3. Completed a 2-for-1 stock split of the common shares. 4. Declared a cash dividend. 5. One third of the preferred shares are converted to common shares on a 1:10 ratio 6. Redeemed preferred shares for cash 7. Net income for the year is $1,500,000 8. Stock dividend is declared on common shares. Indicate the effect(s) of each of the transactions and events on the different sections of shareholders' equity. Use (1) for increase, (D) for decrease, and (NE) for no effect. Item Share Capital Retained Earnings Total Shareholders' Equity 9 10 71 12 14 15 96 17 1 2. 10 3 20 4 5 22 6 7 8 26 22