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.