The following is the shareholders' equity section of Ayayai Corp. at December 31, 2020:

Preferred shares,^aauthorized 100,000 shares; issued 20,000 shares$500,000Common shares (unlimited authorized, 50,000 issued)1,250,000Contributed surplus100,000Total paid-in capital1,850,000Retained earnings2,000,000Total shareholders' equity$3,850,000

^aThe preferred shares have a $2 dividend rate, are cumulative, and participate in distributions in excess of a $3 dividend on the common shares.

No dividends were paid in 2018 or 2019. On December 31, 2020, Ayayai wants to pay a cash dividend of $4 per share to common shareholders. How much cash would be needed for the total amount to be paid to preferred and common shareholders?