Chancellor Industries has retained earnings available of $1.19 million. The firm plans to make two investments that require financing of $927,228 and $1.63 million, respectively. Chancellor uses a target capital structure with 61% debt and 39% equity. Apply the residual theory to determine what dividends, if any, can be paid out, and calculate the resulting dividend payout ratio. The dividend amount, if any, that can be paid out is $ (Round to the nearest dollar.)