The shareholders equity of WBL Industries includes the items shown below. The board of directors of WBL declared cash dividends of $8 million, $20 million, and $150 million in its first three years of operation2013, 2014, and 2015, respectively.

	($ in millions)
Common stock	$	100
Paid-in capitalexcess of par, common		980
Preferred stock, 8%		200
Paid-in capitalexcess of par, preferred		555

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).)

	Per Value Preferred Stock	Dividend Rate	Annual Preferred Dividend
annual preferred dividend	$200	8%	$16
	Total Cash Dividend Paid	Paid to Preferred	Paid to Common	Dividends in Arrears at year-end
2013	8
2014	20
2015	150
Total	$178	$0	$0