The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $32 million, $60 million, and $230 million in its first three years of operation-2024, 2025, and 2026, respectively. Common stock Paid-in capital-excess of par, common: Preferred stock, 81 Paid-in capital-excess of par, preferred Required: ($ in millions) $ 180 1,060 600 635 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.