Corporations: a) File their own separate T2 corporate tax return b) Do not pay taxes as all corporate earnings will be taxed under personal tax rates once the earnings are distributed to the owners c) Enable owners to claim personal expenses to reduce corporate income tax d) Require all owners to claim a percentage of the corporate net income under their own T1 tax return e) None of the above Question 6 A share dividend: a) Maintains the expectation that shareholders have of a dividend payout b) Reduces the retained earnings and increases the common shares capital c) Increases the contributed capital d) Reduces the overall market price per share e) All of the above 0/1 point 21 point Question 7 A cash dividend: a) Effects both asset and equity totals on the balance sheet b) Effects asset totals only on the balance sheet c) Effects equity balance only on the balance sheet d) Has no lasting effect on equities e) Does not require a journal entry Question 8 A share split: a) Effects both asset and equity totals on the balance sheet b) Effects asset totals only on the balance sheet c) Effects equity balances only on the balance sheet d) Has no lasting effect on equities e) Does not require a journal entry