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 $100 million

Paid-in capital- excess of par, common $ 980 million

Preferred stock, 8% $ 200 million

Paid-in capital- excess of par, preferred $ 555 million

The amount of dividends paid to preferred shareholders in each of the three years, assuming that the preferred stock is noncumulative and nonparticipating, is

A. $8, $16, and $16, respectively.

B. $8, $20, and $20, respectively.

C. $16, $16, and $16, respectively.

D. None of the answers is correct