Exercise 1818 (Algo) Effect of cumulative, nonparticipating preferred stock on dividends -3 years [LO187] The shareholders' equity of ILP Industries includes the items shown below. the board of directors of ILP declared cash dividends of $17 milion, $25 million, and $160 million in its first three years of operation-2024, 2025. and 2026. respectively: Required: 1. Determine the omount of cividends to be paid to preferred and common shareholdersin each of the three yecrs. ossuming that the preterred stock is cumulative and nonporticipatiog 2. Determine the omount of dividends to be paid to preferred and common shareholgens la Each of the three years assuming tho ithe preferred stock is noncumulative ond nonparticipoting. Complete this question by entering your answers in the tabs below. Determine the amount of dividends to be padd to preferred and common shareholders in esch of the three years, assuming that the preferred stock is oumulative and nonparuidpating. Determine the amount of dividends to be paid to preferred and common shareholder that the preferred stock is noncumulative and nonparticipating. Note: Enter your answers in milions (i.e., 10,000,000 should be entered as 10 )