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 SM million $21 million, and $160 million in its first three years of operation-2021, 2022, and 2023, respectively. Common stock Paid-in capital-excess of par, common Preferred stock, 88 Paid-in capital-excess of par, preferred ($ in millions) $125 830 250 550 Required: 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. (Enter your answers in millions fi.e., 10,000,000 should be entered as 10).) Par Value Preferred Stock 250 Annual Dividend Rate Preferred Dividend 8.0 % $ 20 Annual Preferred Dividend: Total Cash Dividend Pald Paid to Preferred Paid to Common Dividends in Arrears at year-end 0 11 21 11 21 o 0 2021 2022 2023 Total 160 192 $ 0 32 $ $ 9 of 17 Prey Next > E