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

150,000 shares of $1 par common stock.

15,000 shares of $100 par, 6 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 15,000 shares of preferred stock and a $0.50 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.

Required

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

Journal entry worksheet On June 10, Weaver Corporation declared the annual cash dividend on its 15,000 shares of preferred stock and a $0.50 per share dividend for the common shareholders. Note: Enter debits before credits. Journal entry worksheet The shareholders on record on June 20 will receive a dividend payment to be paid July 1. Note: Enter debits before credits. Journal entry worksheet On July 1 , the dividends are paid to the shareholders of record on June 20. Note: Enter debits before credits. Journal entry worksheet