769 11 points The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140,000 In the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 million common shares authorized, 340,000 shares had been issued, and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account. Het Complete this question by entering your answers in the tabs below. Pont Required 1 Required 2 Required 3 References Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal 1 (1) Dividends Dividends Payable / 2 #(2) Dividends Payable Cash 7 3 b(1) No Transaction Recorded Debit Credit 140,000 140,000 140,000 140,000