The shareholders equity of a company includes the items shown below. The board of directors of the company declared cash dividends of $65 million, $115 million, and $340 million in its first three years of operationYear 1, Year 2, and Year 3, respectively.

	($ in millions)
Common stock	$ 290
Paid-in capitalexcess of par, common	1,170
Preferred stock, 8%	1,150
Paid-in capitalexcess of par, preferred	745

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.

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.