The outstanding capital stock of Kennedy Corporation consists of 10,000 shares of $40 par value, 5% preferred stock, and 600,000 shares of $1 par value common stock. Kennedy has decided to pay dividends of $2,000,000 of dividends. The preferred shares haven't received any dividend in the previous 2 years. How much will the PREFERRED SHAREHOLDERS receive in the preferred stock is NONCUMULATIVE and PARTICIPATING? Please round your answer to the nearest dollar.