Weaver Corporation had the following stock issued and outstanding at January 1, Year 2:   136,000 shares of $6 par common stock. 5,000 shares of $60 par, 6 percent, noncumulative preferred stock.   On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20.   Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders.         Preferred stock   Common stock   Total dividend

1). Weaver Corporation had the following stock issued and outstanding at January 1, Year 2:

1. 136,000 shares of $6 par common stock.
2. 5,000 shares of $60 par, 6 percent, noncumulative preferred stock.

On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20.

Required

Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders.

2). Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 440,000 shares of $8 par common stock and 65,000 shares of 5 percent cumulative class A preferred stock. The class A stock had a stated value of $20 per share. The following stock transactions pertain to Eastport Inc.:

1. Issued 15,000 shares of common stock for $13 per share.
2. Issued 7,000 shares of the class A preferred stock for $25 per share.
3. Issued 45,000 shares of common stock for $16 per share.

Required

Prepare the stockholders’ equity section of the balance sheet immediately after these transactions have been recognized.