Answer full question please. **Weaver Corporation Stock Dividends**At the beginning of Year 1, Weaver Corporation had two types of stock issued and outstanding:1. **Common Stock**: 98,000 shares with a par value of $7 each.2. **Preferred Stock**: 5,500 shares with a $110 par value and a 7% dividend rate, noncumulative.On June 10, Weaver Corporation declared an **annual cash dividend**. The specific dividends were:- For preferred stock: A dividend based on the 7% rate.- For common stock: A $2 per share dividend.These dividends will be paid on **July 1** to shareholders recorded as of **June 20**.**Required**: Calculate the total dividend amounts for both preferred and common shareholders.- **Preferred Stock**: Calculate the total dividends by applying the 7% rate to the preferred stock par value.- **Common Stock**: Multiply the number of common shares by the $2 per share dividend rate.Note: A table is provided for entering the calculated total amounts for preferred stock and common stock dividends.

Tje dividend is paid to shareholders from the retained earnings of the business. Number of preference shares = 5,500 Dividend = 7% Par value = $110 Dividend to be paid to preference shareholders = 7% * 5,500 * 110 = P42,350 Number of common stock share = 98,000 Dividend per share = $2 Dividend to be paid to common shareholders = 98,000 * $2 = $196,000

Business

Accounting

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1. 98,000 shares of $7 par common stock. 2. 5,500 shares of $110 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 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. Preferred stock Common stock

Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1. 98,000 shares of $7 par common stock. 2. 5,500 shares of $110 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 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. Preferred stock Common stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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