Landers Flynn Inc. has 1,000, $5 cumulative preferred shares outstanding. • Dividends were not paid last year. The corporation also has 5,000 common shares outstanding. Landers Flynn declared a $14,000 cash dividend to be paid in the current year. • Required: • a. Calculate the dividends received by the preferred and common shareholders • b. If the preferred shares were non-cumulative, how would your answers to part (a) above change?