Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 83,000 shares of $7 par common stock. 5,500 shares of $80 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 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.

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