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 $4 million, $9 million, and $120 million in its first three years of operation-2021, 2022, and 2023, respectively. ($ in millions) Common stock $75 900 Paid-in capital-excess of par, common Preferred stock, 6% 150 Paid-in capital-excess of par, preferred 620 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 (i.e., 10,000,000 should be entered as 10).) Par Value Dividend Rate Preferred Stock Annual Preferred Dividend Annual Preferred Dividend: Paid to Total Cash Dividend Paid Preferred Paid to Common Dividends in Arrears year-end 2021 2022 2023 Total $ 0 $ 0 $ 0