18 Homework Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate complem The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $50 million, $90 million, and $290 million in its first three years of operation-2024, 2025, and 2026, respectively. Common stock Paid-in capital-excess of par, common 0:22 Preferred stock, 81 Paid-in capital-excess of par, preferred Required: ($ in millions). $ 240 1,120 900 695 1. 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. 2. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Preferred Common 2024 50 2025 90- 0 2026 290 < Prev 5 of 8 Next >