Chapter 11 Saved The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $280,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.20 per share. During the current year , Sneer had 1 million common shares authorized: 480,000 shares had been issued; and 262,000 shares were in treasury stock. The opening balance in Retained Earnings was $720,000 and Net Income for the current year was $220,000, 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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.)