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. 

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Preferred Common 2021 2022 2023