Weaver corporation had the following stock issued and outstanding at january 1, year 1. 120,000 shares of $9 par common stock. 7,000 shares of $60 par, 8 percent, noncumulative preferred stock. on june 10, weaver corporation declared the annual cash dividend on its 7,000 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.