The year-end balance sheet of Smithfield Products includes the following stockholder's equity section (with certain details omitted)

Stockholders' equity:

71/2% noncumulative preferred stock, $100 par value, 100,000 shares authorized $2,400,000

Common stock, $2 par value, 900,000 shares authorized $900,000

Share premium: Ordinary shares $8,325,000

Retained earnings $2,595,000

Retained earnings $2,595,000

Total stockholders' equity $14,220,000

h.

Assume that retained earnings at the beginning of the year amounted to $717,500 and that profit for the year was $3,970,000. What was the dividend declared during the year on each share of ordinary shares? (Hint: Profit increases retained earnings, whereas dividends decrease retained earnings.) (Round your intermediate and final answers to 2 decimal places.