E11-11 Recording Dividends and Preparing a Statement of Retained Earnings [LO 11-2, LO 11-3]

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 $240,000 in the current year It also declared and paid dividends on common stock in the amount of $1.60 per share. During the current year, Sneer had 1 million common shares authorized 440,000 shares had been issued; and 226,000 shares were in treasury stock. The opening balance in Retained Earnings was $760,000 and Net Income for the current year was S260,000. Required: 1. 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.) transaction list view transa Journal E 1. Record the declaration of a cash dividend of $240,000 to the preferred stockholders. 1 2 3 4 2. Record the payment of the cash dividend to the preferred Recon Stockh stockholders 3. Record the declaration of a cash dividend of $1.60 per share to the common stockholders payable on the shares Transactio outstanding a(1) 4. Record the payment of the cash dividend to the common stockholders journal entry has been entered