A)

B)

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 103,000 shares of $13 par common stock. 2. 8,500 shares of $130 par, 8 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 8,500 shares of preferred stock and a $3 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. Required A Required B Determine the total amount of dividends to be paid to the preferred shareholders and common Preferred stock Common stock Total dividend $ 88,400 25,500 X $ 113,900 % Required A Required B Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is requir transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Credit 1 June 10 Dividends Dividends payable Debit 113,900 113,900 2 June 20 Dividends payable 3 July 01 Dividends payable Cash 113,900 113,900 4 December 31 Retained earnings Dividends 113,900 113,900