The following is the shareholders equity section of Blue Spruce Corp. at December 31, 2017:

Preferred shares,a authorized 120,000 shares; issued 38,000 shares $1,140,000 Common shares (unlimited authorized, 56,000 issued) $1,792,000 Contributed surplus $107,000 Total paid-in capital $3,039,000 Retained earnings $2,107,800 Total shareholders equity $5,146,800

* The 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 2015 or 2016. On December 31, 2017, Blue Spruce 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?