The shareholders equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $10 million, $15 million, and $120 million in its first three years of operation2018, 2019, and 2020, respectively.

(In Millions)

Common stock $100

Paid-in capitalexcess of par, common 800

Preferred stock, 8% 200

Paid-in capitalexcess of par, preferred 520

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.