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, Yeart 1.150.000 shares of S1 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 1to the shareholders of record on June 20 Required Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders Total dividend $ 185.000 b. Prepare general journal entries to record the declaration and payment of the cash dividends, of no entry is required for a transaction/event, select "No journal entry required in the first accountfield) View traction Journal entry worksheet > On June 10, weaver Corporation declared the condividend on its 15.000 shares of preferred stock and 0.50 Der har vided for the common shareholders D June 10 General Journal Profesor Dett Crede G Search or type URL 7 8 9 Q W E R T Y U 0 A S D F G I J N X C y c Journal entry worksheet Journal entry worksheet