Chancellor Industries has retained earnings available of $1.26 million. The firm plans to make two investments that require financing of $961,313 and $1.76 million, respectively. Chancellor uses a target capital structure with 65% debt and 35% 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.)