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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. 123.000 shares of $14 par common stock. 2.7.500 shares of $130 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7.500 shares of preferred stock and a $4 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 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 fleld.) View transaction list Journal entry worksheet 2 3 4 On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a 54 per share dividend for the common shareholders. Note: Enter debits before credits Date General Journal Debit Credit June 10 Record entry Clear entry View general journal Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was organized on June 5. Year 1. It was authorized to issue 360,000 shares of $11 par common stock and 30.000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $25 per share. The following stock transactions pertain to Eastport Inc. 1. Issued 20,000 shares of common stock for $16 per share. 2. Issued 5,000 shares of the class A preferred stock for $30 per share. 3. Issued 43.000 shares of common stock for $19 per share. Required a. Prepare general Journal entries for these transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction at Journal entry worksheet Issued 20,000 shares of common stock for $16 per share. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal b. Prepare the stockholders' equity section of the balance sheet Immediately after these transactions Stockholders' equity Total stockholders' equity s