Exercise $18-18($Algo$)$ Effect of cumulative, nonparticipating preferred stock on dividends$-3$ years $[$LO$187]$

The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $$35$ million, $$65$ million, and $$240$ million in its first three years of operation $-2024,2025,$ and $2026,$ respectively.

$\backslash$table$[[$Common stock,$($$ in millions$)],[$Paid$-$in capital$-$excess of par, common,$$190$