Exercise $18-18($Algo$)$ Effect of cumulative, nonparticipating preferred stock on dividends$-3$ years $[$LO$187]$

The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $$20$ million, $$40$ million, and $$190$ million in its first three years of operation$-2024,2025,$ and $2026,$ respectively.

$\backslash$table$[[,($$ in millions$)],[$Common stock,$$140$