The shareholders' equity of a company includes the items shown below. The board of directors of the company declared cash dividends of $47 million, $85 million, and $280 million in its first three years of operation-Year 1, Year 2, and Year 3, respectively. Common stock Paid-in capital-excess of par, common Preferred stock, 8% Paid-in capital-excess of par, preferred Required: ($ in millions) $ 230 1,110 850 685 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.