The shareholders equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $6 million, $16 million, and $190 million in its first three years of operation2018, 2019, and 2020, respectively. ($ in millions) Common stock $ 140 Paid-in capitalexcess of par, common 960 Preferred stock, 5% 280 Paid-in capitalexcess of par, preferred 680 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.

The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $6 million, $16 million, and $190 million in its first three years of operation-2018, 2019, and 2020, respectively Common stock Paid-in capital-excess of par, common Preferred stock, 5% Paid-in capital-excess of par, preferred ($ in millions) $140 960 280 680 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).) Par Value Preferred Stock Dividend Rate Annual Preferred Dividend Annual Preferred Dividend: Total Cash Dividend Paid Paid to PreferredCommon Dividends in Arrears at year-end Paid to 2018 2019 2020 Total