E $18-18$ Effect of cumulative, nonparticipating preferred stock on dividends$-3$ years $(18-7$

The shareholders' equity of II$.$P Industries includes the items shown below. The hourd of directors of II$.$P declared cash dividemis of $$8$ million, $$20$ million, and $$150$ million in its first three gears of operation$-2024,2025,$ and $2026,$ respectively:

$\backslash$table$[[,($$ In millions$)],[$Common stock,$$100$