1. We all laughed and cried. 2. It was very exciting! 3. But after a time, Mr Carter said we must all be quiet.
------------------------
Q: What does #1 mean? Does #1 mean that we all laughed while we cried? Did we laugh and cry at the same time?
Q: What does 'it' refer to in #2?
1 seems to be describing their extreme joy and relief in what they found.
In 2, 'it' seems to refer to the discovery.