Required information [The following information applies to the questions displayed below) Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: Paid-in capital: Preferred stock, $150 par value, 5%, cumulative, 100,000 shares authorized, 82,000 shares issued and outstanding May 31, 2019 April 30, 2019 $12,300,000 $12,300,000 Common stock, $6 par value, 600,000 shares authorized, 350,000 and 330,000 shares issued, respectively 1,980,000 Additional paid-in capital Retained earnings 14,820,000 12,220,000 14,440,000 11,944,000 Less: Treasury common stock, at cost; 20,000 shares and 19,000 shares, respectively (1,840,000) (1,824,000) Total stockholders' equity $ 2 $38,840,000 Assume that on June 1 the board of directors declared a cash dividend of $0.38 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15. e-1. Calculate the total amount of the dividend. Total cash dividend