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. 71,000 shares of $11 par common stock 2. 4,500 shares of $130 par, 5 percent, noncumulative preferred stock On June 10, Weaver Corporation declared the annual cash dividend on its 4,500 shares of preferred stock and a $5 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