Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:1. 96,000 shares of $9 par common stock.2. 6,000 shares of $70 par, 6 percent, noncumulative preferred stock.On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per sharedividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.Requireda. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.b. Prepare general journal entries to record the declaration and payment of the cash dividends.Complete this question by entering your answers in the tabs below.Required A Required B.Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.Preferred stockCommon stockTotal dividendRequired ARequired B > Complete this question by entering your answers in the tabs below.Required A Required BPrepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)View transaction list1 On June 10, Weaver Corporation declared the annualcash dividend on its 6,000 shares of preferred stock anda $4 per share dividend for the common shareholders.2 The shareholders on record on June 20 will receive adividend payment to be paid July 1.3 On July 1, the dividends are paid to the shareholders ofrecord on June 20.4On December 31, the closing entry for dividends isrecorded.Notejournal entry has been enteredRecord entryView transaction listKJournal entryworksheetClear entry2Show Transcribed TextComplete this question by entering your answers in the tabs below.3Required A Required BPrepare general journal entries to record the declaration and payment of the cash dividends. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)Record entryGNote: Enter debits before credits.DateJune 104X1General Journalon itscommonClear entryCreditOn June 10, Weaver Corporation declared the annual cash dividend on its6,000 shares of preferred stock and a $4 per share dividend for the commonshareholders.< Required AView general journal▶Debit CreditView general journalRequired >>

Shares are mainly classified into two types as follows under - Common stockholders or Equity shares…

Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 96,000 shares of $9 par common stock. 2. 6,000 shares of $70 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 6,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B