Exercise 11-7A 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. 150,000 shares of $1 par common stock. 2.15,000 shares of $100 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 15,000 shares of preferred stock and a $0.50 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. Total dividend $ 75,000 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.) View transaction list Journal entry worksheet 1 2 3 On June 10, Weaver Corporation declared the annual cash dividend on its 15,000 shares of preferred stock and a $0.50 per share dividend for the common shareholders. Note: Enter debits before credits Date June 10 General Journal Debit Credit Prev 1 of 5