The shareholders equity of a company includes the items shown below. The board of directors of the company declared cash dividends of $32 million, $60 million, and $230 million in its first three years of operationYear 1, Year 2, and Year 3, respectively. ($ in millions) Common stock $ 180 Paid-in capitalexcess of par, common 1,060 Preferred stock, 8% 600 Paid-in capitalexcess of par, preferred 635 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.