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Question - The shareholders' equity of ILP Industries includes the items shown below. The board of directors of ILP declared cash dividends of $16 million, $35 million, and $100 million in its first three years of operation-2021, 2022, and 2023, respectively.
($ in millions) Common stock $175
Paid-in capital-excess of par, common 990
Preferred stock, 8% 350
Paid-in capital-excess of par, preferred 500
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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