just need help where it is red !!

This window shows your responses and what was marked correct and incorrect from your previous attempt. The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $110,000 In the current year. It also declared and paid dividends on common stock in the amount of $2.10 per share. During the current year, Sneer had 1 million common shares authorized: 310,000 shares had been issued, and 109,000 shares were in treasury stock. The opening balance in Retained Earnings was $810,000 and Net Income for the current year was $310,000. 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 led Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 is 810,000 Add Net Income 310,000 Less: Dividends on Preferred Stock 1.120,000) Les Dividends on Common Stock (532.100) Retained Earnings. December 31 S 587.900 SO