The shareholders equity of MLS Enterprises includes $240 million of no par common stock and $480 million of 5% cumulative preferred stock. The board of directors of MLS declared cash dividends of $52 million in 2018 after paying $22 million cash dividends in both 2017 and 2016. What is the amount of dividends common shareholders will receive in 2018? (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Answer is complete but not entirely correct.

	Par Value Preferred Stock	Dividend Rate (%)	Annual Preferred Dividend
Annual Preferred Dividend:	$0selected answer incorrect	5.0%selected answer correct	$24,000,000selected answer incorrect
	Total Cash Dividend Paid	Paid to Preferred	Paid to Common	Dividends in Arrears at year-end
2016	22,000,000selected answer incorrect	22,000,000selected answer incorrect	0selected answer correct	2,000,000selected answer incorrect
2017	22,000,000selected answer incorrect	22,000,000selected answer incorrect	0selected answer correct	2,000,000selected answer incorrect
2018	52,000,000selected answer incorrect	28,000,000selected answer incorrect	24,000,000selected answer incorrect	0selected answer correct
Total	$96,000,000	$72,000,000	$24,000,000