The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $38 million, $70 million, and $250 million in its first three years of operation-2024, 2025, and 2026, respectively. Common stock Paid-in capital-excess of par, common Preferred stock, 8% Paid-in capital-excess of par, preferred Required: 1. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating. 2. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is noncumulative and nonparticipating. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 2024 2025 2026 Preferred ($ in millions) $ 200 1,080 700 655 38 70 250 Common 0 0

need help answering questions 1 and 2.

The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $38 million, $70 million, and $250 million in its first three years of operation 2024,2025, and 2026 , respectively 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. Complete this question by entering your ahiswers in the tabs below. 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)