b. Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 61,000 shares of $7 par common stock. 2. 10,000 shares of $130 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 10,000 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