On December 1, 20X5, Bleay Inc. declared a cash dividend of $400,000 to be paid on December 31, 20X5. These dividends were payable to shareholders of record at December 15, 20X5. Bleay's capital structure included the following: 100,000 common shares issued 10,000 Series A non-cumulative preference shares, each entitled to a dividend of $4 per year 10,000 Series B cumulative preference shares, each entitled to a dividend of $3 per year Dividends on all classes of shares were last paid on December 31, 20X3. What is the total amount of the 20x5 dividend payable to the common shareholders? a. $260,000 b.$290,000 c. $330,000 d. $300,000 QUESTION 16 Which of the following statements best describes how to deal with cumulative preferred dividends that were not declared when due? a. They are neither paid nor b. They are reported as a c. They must be paid before any od. They are disclosed as a disclosed in the notes to the liability on the balance other dividends can paid to liability in the notes to the financial statements sheet the common financial statements