The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $6 million, $9 million, and $180 million in its first three years of operation2021, 2022, and 2023, respectively. Common stock Paid-in capital-excess of par, common Preferred stock, 8% Paid-in capital-excess of par, preferred ($ in millions) $ 75 850 150 570 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. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Answer is not complete. Par Value Preferred Stock Dividend Rate Annual Preferred Dividend $ 12 Annual Preferred Dividend: 15U - 8.0 % Paid to Preferred Paid to Common Dividends in Arrears at year-end 2021 0 6 Total Cash Dividend Paid 6 9 180 $ 195 2022 15 x 2023 Total $ 15 $ 0