The shareholders equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $29 million, $55 million, and $220 million in its first three years of operation2024, 2025, and 2026, respectively. ($ in millions) Common stock $ 170 Paid-in capitalexcess of par, common 1,050 Preferred stock, 8% 550 Paid-in capitalexcess of par, preferred 625 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. 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.

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Preference stockholders will receive $44 million in 2024. Shareholders in Common: $25,000,000

$44 million in 2025 for preferred shareholders. $11 million in total common equity

$88 million for preferred shareholders in 2026 For the benefit of common shareholders: $132 million

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