B&S Corporation had the following stock issued and outstanding at January 1, 2007:

1. 100,000 shares of \($5\) par common stock.

2. 5,000 shares of \($100\) par, 5 percent, noncumulative preferred stock.

On May 10, B&S Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a \($1\) per share dividend for the common shareholders. The dividends will be paid on June 15 to the shareholders of record on May 30.

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