Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 61,000 shares of $7 par common stock. 2. 10,000 shares of $130 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 10,000 shares of preferred stock and a $2 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. Journal entry worksheet 2 4 On June 10, Weaver Corporation declared the annual cash dividend on its 10,000 shares of preferred stock and a $2 per share dividend for the common shareholders. Journal entry worksheet 4 The shareholders on record on June 20 will receive a dividend payment to be paid July1 Note: Enter debits before credits. Journal entry worksheet 2 4 On July 1, the dividends are paid to the shareholders of record on June 20 Journal entry worksheet 2 4 On December 31, the closing entry for dividends is recorded