Exercise 13-14 EXAM Refer to the shareholders' equity of Longbourn Golf & Resort Corporation (Longbourn Exhibit 13-7, page 741. Answer these questions about Longbourn's dividends: 1. How much in dividends must Longbourn declare each year before the common si holders receive cash dividends for the year? Sow 2. Suppose Longbourn declares cash dividends of $20,000 for 2017. How much of the dends go to preferred shareholders? How much goes to common shareholders? 3. Are Longbourn's preferred shares cumulative or noncumulative? How can you tell 4. Suppose Longbourn did not pay the preferred dividend in 2015 and 2016. In Longbourn declares cash dividends of $40,000. How much of the dividends go to ferred shareholders? How much to common shareholders? goes