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The shareholders equity of ILP Industries includes the items shown below. The board of directors...

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Accounting

The shareholders equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $17 million, $35 million, and $180 million in its first three years of operation2024,2025, and 2026, respectively.
($ in millions)
Common stock $ 130
Paid-in capitalexcess of par, common 1,010
Preferred stock, 8%350
Paid-in capitalexcess of par, preferred 585
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.
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.

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