Question 1 On April 30, the directors of Sage Hill Corporation dedared dividends of $0.85 per common share and directed that preferred dividends be paid as required to the shareholders of record on May 14, payable May 28. The company has 14,900 $0.90 preferred and 43,000 common shares issued. No dividends were paid in the previous fiscal year. (a) Calculate the amount of dividends that would be paid if the preferred shares are cumulative. Preferred shares are cumulative