The following is the shareholders' equity section of Concord Corp. at December 31, 2023: Preferred shares, a authorized 110,000 shares; issued 27,000 shares $945,000 Common shares (unlimited authorized, 55,000 issued) 1,375,000 Contributed surplus 110,000 Total paid-in capital Retained earnings Total shareholders' equity 2,430,000 2,714,600 $5,144,600 a 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 2021 or 2022. On December 31, 2023, Concord 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? (Round excess return percentage to 4 decimal places, e.g. 52.7531% and final answers to O decimal places, e.g. 5,275.) Preferred Common Amount to be paid to shareholders $ $ Total