Sofia Ltd. reported net income of $5,300,000 for 2020, and earnings per share of $5.00. Included in the net income was $750,000 of bond interest expense related to its long-term debt. The income tax rate for 2020 was 30%. Dividends paid on preferred shares were $1,000,000. The payout ratio on common shares was 25%. What were the dividends paid on common shares in 2020?