The shareholders’ equity of Kramer Industries includes the data shown below. During 2022, cash dividends of $150 million were declared. Dividends were not declared in 2020 or 2021.

......................................................................($ in millions)
Common stock .......................................................$ 200
Paid-in capital—excess of par, common ...............800
Preferred stock, 10%, nonparticipating .................100
Paid-in capital—excess of par, preferred ..............270

Required:
Determine the amount of dividends payable to preferred shareholders and to common shareholders under each of the following two assumptions regarding the characteristics of the preferred stock.
Assumption A —The preferred stock is noncumulative.
Assumption B —The preferred stock is cumulative.