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Exercise 15-7 (Part Level Submission) The following is the shareholders' equity section of Flounder Corp. at December 31, 2020: Preferred shares,authorized 110,000 shares; issued 23,000 shares $ 667,000 Common shares (unlimited authorized, 50,000 issued) 1,250,000 Contributed surplus 129,000 Total paid-in capital 2,046,000 Retained earnings 2,802,200 Total shareholders' equity $4,848,200 The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. (a) Your answer is partially correct. Try again. No dividends were paid in 2018 or 2019. On December 31, 2020, Flounder wants to pay a cash dividend of $5 per share to common shareholders. How much cash would be needed for the total amount to be paid to preferred and common shareholders? (Round excess return percentage to 4 decimal places, e.g. 52.7531% and final answer to 0 decimal places, e.g. 5,275.) Preferred Common Total Amount to be paid to shareholders 250000 x. $:... $