Weaver Corporation had the following stock issued and outstanding at January 1, 2018:

1. 95,000 shares of $13 par common stock.
2. 6,000 shares of $70 par, 5 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.