On December 1, 20X5, Bleay Inc. declared a cash dividend of $400,000 to be paid on December 31, 20X5. These dividends were payable to shareholders of record at December 15, 20X5. Bleay's capital structure included the following:

• 100,000 common shares issued
• 10,000 Series A non-cumulative preference shares, each entitled to a dividend of $4 per year
• 10,000 Series B cumulative preference shares, each entitled to a dividend of $3 per year

Dividends on all classes of shares were last paid on December 31, 20X3. What is the total amount of the 20X5 dividend payable to the common shareholders?