Megan Ltd. has 10, 000 cumulative and fully participating $7 preferred shares issued and outstanding (issue price $100 each). It also has 50, 000 common shares issued and outstanding (issue price $20 each). The December 31, 20x1, preferred dividends are in arrears for one year. The common matching dividend is $1.40. What total dividend must Megan declare on December 31, 20x2, to ensure that the common shareholders receive a dividend of $2 per share?