Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 5.0% cumulative preferred stock, $100 par value; authorized, 12,000 shares; issued and outstanding, 5,000 shares Common stock, $4 par value; authorized, 400,000 shares; issued and outstanding, 240,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings Dividends have been declared and paid for Year 1. $ 500,000 $ 960,000 $ 55,000 $ 1,200,000 $ 890,000 The balance in Retained Earnings at the beginning of the year was $800,000, and there were no dividends in arrears. Net income for Year 1 was $600,000. What was the amount of dividend declared on each share of common stock during Year 1?