3 Check my work 09 points eloce A P Merences Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1 1. 83,000 shares of $15 par common stock 2. 8,500 shares of $140 par. 6 percent, noncumulative preferred stock On June 10, Weaver Corporation declared the annual cash dividend on its 8,500 shares of preferred stock and a $2 per share dividend for the common shareholders The dividends will be paid on July 1 to the shareholders of record on June 20 Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders b. Prepare general journal entries to record the declaration and payment of the cash dividends Complete this question by entering your answers in the tabs below. Required A Required B aces b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend t Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 ences w On June 10, Weaver Corporation declared the annual cash dividend on its 8,500 shares of preferred stock and a $2 per share dividend for the common shareholders. Note: Enter debits before credits. Date June 10 General Journal Debit Credit < Prev 3 of 11 Next Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 4 The shareholders on record on June 20 will receive a dividend payment to be paid July 1. Note: Enter debits before credits. Date June 20 General Journal Debit Credit < Prev 3 of 11 Next > Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 4 On July 1, the dividends are paid to the shareholders of record on June 20. Note: Enter debits before credits. Date July 01 General Journal Debit Credit < Prev 3 of 11 Next > Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 s On December 31, the closing entry for dividends is recorded. Note: Enter debits before credits. Date December 31 General Journal Debit Credit < Prev 3 of 11 Next >