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 $100,000 in the current year It also declared and paid dividends on common stock in the amount of $2 per share During the current year, Sneer had 1 million common shares authorized 300,000 shares had been issued and 100,000 shares were in treasury stock The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000 Required Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock Using the information given above, prepare a statement of retained earnings for the year ended December 31 Prepare a journal entry to close the dividends account Need help with b1 and b2 specifically 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 $100,000 in the current year It also declared and paid dividends on common stock in the amount of $2 per share During the current year, Sneer had 1 million common shares authorized 300,000 shares had been issued and 100,000 shares were in treasury stock The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000 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 Journal entry worksheet

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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

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 $100,000 in the current year. It also declared and paid dividends on common stock in the amount of $2 per share. During the current year, Sneer had 1 million common shares authorized; 300,000 shares had been issued; and 100,000 shares were in treasury stock. The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000. Required: Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. Using the information given above, prepare a statement of retained earnings for the year ended December 31. Prepare a journal entry to close the dividends account.

Need help with b1 and b2 specifically image text in transcribed

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 $100,000 in the current year. It also declared and paid dividends on common stock in the amount of $2 per share. During the current year, Sneer had 1 million common shares authorized; 300,000 shares had been issued; and 100,000 shares were in treasury stock. The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000. 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. Journal entry worksheet