Exercise $11-7$A $($Algo$)$ Cash dividends for preferred and common shareholders LO $11-3$

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

$68,000$ shares of $$4$ par common stock.

$9,500$ shares of $$80$ par, $8$ percent, noncumulative preferred stock.

On June $10,$ Weaver Corporation declared the annual cash dividend on its $9,500$ 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

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

$\backslash$table$[[$Preferred stock,$],[$Common stock,$]]$