Carey's Crumpets Corp. (CCC) declared a cash dividend of $400,000 to be paid on December 31, 20X4, to shareholders of record on December 20, 20X4. At the declaration date, CCC's issued and outstanding shares consisted of 200,000 common shares; 50,000 Series 1, cumulative preferred shares, each entitled to a dividend of $1 per year; and 60,000 Series 2, non-cumulative preferred shares, each entitled to a dividend of $1.25 per year. Dividends on the Series 1 preferred shares and the Series 2 preferred shares were last paid on December 31, 20X1. What is the total amount of the 20X4 dividend payable that will be paid to the common shareholders?