J&J Corporation had the following stock issued and outstanding at January 1, 2014:

1.	200,000 shares of $10 par common stock.
2.	8,000 shares of $100 par, 4 percent, noncumulative preferred stock.

On May 10, J&J Corporation declared the annual cash dividend on its 8,000 shares of preferred stock and a $0.50 per share dividend for the common shareholders. The dividends will be paid on June 15 to the shareholders of record on May 30.

- Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.