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

$139,000$ shares of $$8$ par common stock.

$5,000$ shares of $$130$ par, $6$ percent, noncumulative preferred stock.

On June $10,$ Weaver Corporation declared the annual cash dividend on its $5,000$ shares of preferred stock and a $$4$ 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.

b$.$ Prepare general journal entries to record the declaration and payment of the cash dividends.

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