Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1. 70,000 shares of $10 par common stock. 2. 8,500 shares of $120 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 8,500 shares of preferred stock and a $4 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. Preferred stock Common stock Total dividend