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

1. 103,000 shares of $4 par common stock.
2. 7,500 shares of $140 par, 6 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 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. Required

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