E11-11 Recording Dividends and Preparing a Statement of Retained Earnings [LO 11-2, LO 11-3) The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $300,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.00 per share. During the current year, Sneer had 1 million common shares authorized: 500,000 shares had been issued; and 280,000 shares were in treasury stock. The opening balance in Retained Earnings was $700,000 and Net Income for the current year was $200,000. Required: 1. Prepare journal entries to record the declaration, and payment of dividends on (al 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.) View transaction list Journal entry worksheet Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) cor 2. Using the information given above, prepare a statement of retained earnings for the year ended Decem 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 y Using the information given above, prepare a statement of retained earnings for the year ended December 31. SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 TTTTTT Retained Earnings, December 31 Required 1 Required 3 > Required 1 Required 2 Required 3 Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) co required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 Record the declaration of a cash dividend of $300,000 to the preferred stockholders. Note: Enter debits before credits. General Debit E Credit Transaction a(1) Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare a journal entry to close the dividends account. (If no entry is required for a transaction/event in the first account field.) View transaction list Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits Transaction General Journal Debit Credit / / / Record entry Clear entry View general journal