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

$80,000$ shares of $$14$ par common stock.

$8,000$ shares of $$120$ par, $6$ percent, noncumulative preferred stock.

On June $10,$ Weaver Corporation declared the annual cash dividend on its $8,000$ shares of preferred stock and a $$1$ per share dividend for the common shareholders. The dividends will be paid on July $1$ to the shareholders of record on June $20.$

Required

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