Preferred shares,a authorized 100,000 shares; issued 33,000 shares $ 1,155,000

Common shares (unlimited authorized, 51,000 issued) 1,275,000

Contributed surplus 107,000

Total paid-in capital 2,537,000

Retained earnings 2,962,600

Total shareholders equity $ 5,499,600

a The preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares. Q. No dividends were paid in 2018 or 2019. On December 31, 2020, Ayayai 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?