On January 1, 2020, the accounts of Jafar Power Incorporated reflected the following: Preferred shares, no par value, $3 dividend, cumulative and fully participating 24,000 shares outstanding. $640,000 Common shares, no par value, 72,000 shares outstanding. $1,740,000 Retained earnings. $2,126,000 Dividends on Preferred shares are in arrears one year The company has declared a total dividend of $640,000 for 2020. Required: Calculate the total dividends to be paid to the preferred and common shareholders in 2020