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help me solve this! The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of in
help me solve this! The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of in 2017 It also declared and paid dividends on common shares in the amount of $3.00 per share. During 2017, Sneer had 1,000,000,000 common shares authorized: 388,570,300 shares had been issued. The balance in Retained Earnings was $1,564 million on December 31, 2016, and 2017 Net Income was $868 million. Required 1. Prepare journal entries to record the declaration, and payment, of dividends on (preferred and (b) common shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollors and not millions.) Journal entry worksheet Record the declaration of Dividend on preferred shares Debit Credit Transaction View transaction list Journal entry worksheet 2 3 Record the declaration of Dividend on preferred shares. Note: Enter debits before credits. Transaction General Journal Debit Credit a-1 View general journal Record entry Clear entry Journal entry worksheet Record the payment of cash dividends on preferred shares. Debit Credit Clear entry 56 of 59 Next > View transaction list Journal entry worksheet 2 4 Record the declaration of Dividend on common shares. Note: Enter debits before credits. Transaction General Journal Debit b-1 Clear entry Record entry View transaction list Journal entry worksheet 2 Record the payment of cash dividends on common shares. Note: Enter debits before credits. Transaction General Journal Debit Credit b-2. Clear entry Record entry
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