Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:
1. 148,000 shares of $10 par common stock.
2.6,000 shares of $110 par, 8 percent, noncumulative preferred stock.
On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 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.