Question 89 [9 minutes] [Chapter 1?] Mrs. Dancer owned Ill-[l common shares in Dancers Unlimited Incorporated (\"Dancers\"). Dancers reorganized its capital structure during the year. In the course of this reorganization, Mrs. Dancer exchanged all of her common shares for cash and preferred shares. hairs. Dancer's common shares had an adjusted cost base of $10,l}00, paid11p capital of $5,{l[l[l and a fair market value of $55,D0[l. As consideration for the exchange of her common shares, Mrs. Dancer received cash of $5,{} and preferred shares with a fair market value and legal stated capital of $50,{l0. Required: a} What is the adjusted cost base and paidup capital of the preferred shares received by Mrs. Dancer as partial consideration for the exchange of her common shares? (4 minutes) b) W'hat are the tax implications to Mrs. Dancer of the exchange of her common shares? {5 minutes)