Exercise 11-7A Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 149,000 shares of $7 par common stock. 2.5,000 shares of $90 par, 5 percent, noncumulative preferred stock. On June 10. Weaver Corporation declared the annual cash dividend on its 5,000 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 a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Total dividend $ 42,500 b. Prepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No 1 Date June 10 Cash Dividends payable Dividends payable