Exercise 18-18 (Static) 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 $8 milion, $20 milion, and $150 milition 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. 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 curnulative and nonparticipating. Hote: Enter vour answers in milisons (1.e, 10,000,000 should be entered as 10). Exercise 1818 (Static) 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 $8 million, $20 million, and $150 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 nonparticipoting. 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 noncumulative and nonparticipating. Note: Enter your answers in millions (1.e., 10,000,000 should be entered as 10)