Exercise 18-18 (Static) Effect of cumulative, nonparticipating preferred stock on dividends3 years [LO18-7] The shareholders equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $8 million, $20 million, and $150 million in its first three years of operation2021, 2022, and 2023, respectively. ($ in millions) Common stock $ 100 Paid-in capitalexcess of par, common 980 Preferred stock, 8% 200 Paid-in capitalexcess of par, preferred 555 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).)

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).)