Exercise 18-18 (Algo) Effect of cumulative, nonparticipating preferred stock on dividends-3 years [LO18-7] The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $47 million, $85 million, and $280 million in its first three years of operation-2024, 2025, and 2026, respectively. Required: 1. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating. 2. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is noncumulative and nonparticipating. Complete this question by entering your answers in the tabs below. assuming that the preferred stock is cumulative and nonparticipating. 2. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is noncumulative and nonparticipating. Complete this question by entering your answers in the tabs below. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10 )