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Chapter 13-Assignment Name Question 3 Sibley Corporation's balance sheet reported the following shareholders' equity at December 31, 2017: Preferred shares, $3, cumulative, 11,000 shares $605,000 2,605,000 $3,155,000 issued, liquidation value $55 per share Common shares, 75,000 shares issued Total contributed capital Retained earnings Total shareholders' equity Assuming there are two years dividends in arrears (including 2017), determine the book value per share of both preferred and common shares. For the following questions please write professionally (formatting, grammar spelling will be taken into consideration when marking) Discuss a least six characteristics of a corporation. Indicate, wherever appropriate, if the characteristic is an advantage or a disadvantage of the corporate form of business. If preferred shares are designated as cumulative, the corporation is obligated to pay any dividends in arrears. What are "dividends in arrears" and the impact to the allocation of the dividends between common and preferred