Weaver Corporation had the following stock issued and outstanding at January 1, Year 2:

1. 138,000 shares of $5 par common stock.
2. 9,500 shares of $140 par, 6 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 9,500 shares of preferred stock and a $3 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.