Muut Saved The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.5 million in 2020. It also declared and paid dividends on common shares in the amount of $160 per share During 2020 Snem had 1,000,000,000 common shares authorized 387170 300 shares had been issued. The balance in Retoined Earnings was 51550 million on December 31, 2019, and 2020 Net Income was $854 million Required: 1. Prepare journal entries to record the declaration, and payment of dividends on () preferred and (y common shares of no entiyi required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not millions.) View transaction list 1 Record the declaration of Dividend on preferred shares Record the transaction insaction 2 Record the payment of cash dividends on preferred shares. Record the transaction Record the declaration of Dividend on common shares Record the transaction Credit 4 Record the payment of cash dividends on common shares. Record the transaction