The shareholders equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $62 million, $110 million, and $330 million in its first three years of operation2024, 2025, and 2026, respectively.

	($ in millions)
Common stock	$ 280
Paid-in capitalexcess of par, common	1,160
Preferred stock, 8%	1,100
Paid-in capitalexcess of par, preferred	735

Required:

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.

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.

Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

	Preferred	Common
2024
2025
2026

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.

Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

	Preferred	Common
2024
2025
2026