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Palm Ltd

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Palm Ltd. is a publicly accountable company that trades on the Toronto

Stock Exchange. Palm has declared a cash dividend of $2,500,000 payable on December 31, 20X9. Dividends were last paid on December 31, 20X7. As of the date of record, the company has 1,000,000 ordinary shares outstanding. In addition, Palm's capital structure includes $5,000,000 in 10% Class A cumulative preference shares and $1,500,000 in 8% Class B non-cumulative preference shares. Based on this information, what is the amount of dividends to be paid to ordinary shareholders in 20X9?