Problem 18-9 Effect of preferred stock characteristics on dividends (LO18-7 The shareholders' equity of Kramer Industries includes the data shown below. During 2019, cash dividends of $240 million were declared. Dividends were not declared in 2017 or 2018. Paid-in capital-excess of par, common Preferred stock, 8, nonparticipating Paid-in capital-excess of par, preferred $300 900 150 420 Required: Determine the amount of dividends payable to preferred shareholders and to common shareholders under each of the following two as 10).) assumptions regarding the characteristics of the preferred stock. (Enter your answers in millions (i.e., 10,000,000 should be entered Assumption A-The preferred stock is noncumulative Assumption 8-The preferred stock is cumulative. in 240