Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1. 150,000 shares

Question:

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1.
1. 150,000 shares of $1 par common stock.
2. 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
Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...

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