The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $6 million, $14 million, and $160 million in its first three years of operation-2021. 2022and 2023, respectively. Common stock Paid-in capital-excess of par, common Preferred stock, 5 Paid-in capital-excess of par, preferred ($ in millions) $110 930 220 650 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).) Answer is not complete. Dividend Rate Par Value Preferred Stock $ 220 Annual Preferred Dividend 11 Annual Preferred Dividend: 5.0 % Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 6 14 2021 2022 2023 Total 6 14 160 180 $ 20 0