Question 15 marks (Record your answers directly below the question. Billabong Corporation has 10,000 shares of 5%, $200 cumulative preferred shares outstanding and 50,000 common shares outstanding ($1 million common share capital). As of the beginning of this fiscal year, there were 2 years dividends in arrears on the preferred shares. The company management want to make sure that common shareholders get a $2/share dividend. On January 1, 2020, they use funds to purchase a building for $800,000. The building has a 40-year life. The residual value is estimated to be $100,000. Required: (a) Calculate the total cash to be paid as dividends by the Billabong Corporation. Show the total amount to be paid to common shareholders and to preferred shareholders. (b) Assume that Billabong repurchased 2,000 of its common shares for $22 share. Record the accounting entry for this economic event. The average book value per share was $19. (c) Record the depreciation joumal entry for 2020 only for the building using the straight-line method (d) Assume that the company sold the building for $900,000 on January 20 2021. Record the sale of the building. Assume that straight-line depreciation had been used. (e) Calculate the amount of the depreciation for the first two years for the building using the double-declining ba ance method. (f) On January 1, 2002, assume that the estimate of the building's expected useful life was increased by another 8