Answer Happy

The shareholders' equity of Cedar Corporation includes the items shown below. The board of directors of Cedar Corporation declared cash dividends of $8 million $20 million, and $150 million in its first three years of operation-2020, 2021, and 2022, respectively. ($ in millions) Common stock $100 980 Paid-in capital-excess of par, common Preferred stock, 8% Paid-in capital-excess of par, preferred 200 555 The amount of dividends to be paid to preferred shareholders in each of the three years, assuming that the preferred stock is cumulative and nonparticipating, is