Exercise 8-9A (Algo) Cash dividends for preferred and common shareholders LO 8-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1. 119,000 shares of $8 par common stock. 2. 6,000 shares of $50 par, 4 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 5 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend