Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1. 105,000 shares of $7 par common stock. 2. 8,500 shares of $80 par, 4 percent, noncumulative preferred stock. On June 10 , Weaver Corporation declared the annual cash dividend on its 8,500 shares of preferred stock and a $2 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 sharehoiders