Brackman Inc. has $1,000,000 in 6% cumulative Preferred Stock outstanding. It also has 15,000 share of common stock outstanding. During its first three years in business, it declared and paid the following total amount of dividends: Year 1-none; Year 2 - $40,000; Year 3 - $170,000. Determine whether he following statements are True or False. Use this information for questions 14 - 17. 14. Until the Board of Directors declares a dividend, preferred shareholders, whether cumulative or non-cumulative, aren't entitled to anything. 15. Based on the above information, common shareholders don't received dividends until year 3. 16. The cumulative dividends in arrears at the end of year two is $60,000. 17. If the Preferred Shares were non-cumulative, the common shareholders would have received $110,000 in year 3