The shareholders' equity of WBL Industries includes the items shown below.
The BOD of WBL declared cash dividends of $8 million, $20 million, and $150 million in the first three years of operations.
- ($ 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
Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years. Preferred shares are cumulative and non-participating.