The shareholders’ equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $8 million, $20 million, and $150 million in its first three years of operation—2021, 2022, and 2023, respectively. 

                                                                              ($ in millions) 

Common stock.................................................................................$100 

Paid-in capital—excess of par, common..................................980 

Preferred stock, 8%..........................................................................200 

Paid-in capital—excess 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. 

Preferred Common 2021 2022 2023