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. 144,000 shares of $6 par common stock. 2. 7,000 shares of $130 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,000 shares of preferred stock and a $2 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend