Exercise 8-9 Cash dividends for preferred and common shareholders LO 8-3 Weaver Corporation had the following stock issued and outstanding at January 1, 2018 1. 125,000 shares of $5 par common stock 2.7000 shares of $80 par, 6 percent, noncumulative preferred stock, On June 10, Weaver Corporation declared the annual cash dividend on its 7,000 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. Total dividend