The shareholders equity of Kramer Industries includes the data shown below. During 2017, cash dividends of $110 million were declared. Dividends were not declared in 2015 or 2016.

($ in millions)
Common stock	$	240
Paid-in capitalexcess of par, common		960
Preferred stock, 10%, nonparticipating		120
Paid-in capitalexcess of par, preferred 300 Required: Determine the amount of dividends payable to preferred shareholders and to common shareholders under each of the following two assumptions regarding the characteristics of the preferred stock. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Assumption A The preferred stock is noncumulative. Assumption B The preferred stock is cumulative.