Incorrect Question 3 0/3 pts The shareholders' equity of Cedar Corporation includes the items shown below. The board of directors of Cedar Corporation declared cash dividends of $8 million, $20 million, and $150 million in its first three years of operation-2020, 2021, and 2022, respectively. ($ in millions) Common stock Paid-in capital-excess of par, common Preferred stock, 8% Paid-in capital-excess of par, preferred $100 980 200 555 The amount of dividends to be paid to preferred shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating, is $8, $16, and $16, respectively. $8, $20, $20, respectively. None of the other answers is correct. $16, $16, and $16, respectively. C