Weaver Corporation had the following stock issued and outstanding at January 1, 2018: 94,000 shares of $7 par common stock. 10,000 shares of $150 par, 7 percent, noncumulative preferred stock. On June...

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

1. 94,000 shares of $7 par common stock.


2. 10,000 shares of $150 par, 7 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 10,000 shares of preferred stock and a $2 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.