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. 135,000 shares of $8 par common stock. 2. 5,500 shares of $70 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 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 Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders