Weaver Corporation had the following stock issued and outstanding at January 1, 2018:

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.