On July 1, 2020, Jones Limited had the following share structure: Common shares (par $1; 200,000 authorized shares; 145, 000 issued and outstanding) Contributed surplus Retained earnings $ 145,000 83,000 167,000 Required: Complete the following table based on three independent cases involving share transactions: (Round your par value answers to 2 decimal places.) Case 1: The board of directors declared and issued a 10 percent stock dividend when the share price was $7.50 per share. Case 2: The board of directors declared and issued a 100 percent stock dividend when the share price was $7.50 per share. Case 3: The board of directors voted a 2-for-1 stock split. The share price prior to the split was $7.50 per share. Case 1 Case 2 Case 3 Items Before Share Transactions After 10% Stock Dividend After 100% Stock Dividend After Stock Split Number of shares outstanding $ Par per share Common shares account Contributed surplus Retained Earnings Total shareholders' equity 83,000 167,000 The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.1 million in 2020. It also declared and paid dividends on common shares in the amount of $2.20 per share. During 2020, Sneer had 1,000,000,000 common shares authorized; 387,770,300 shares had been issued. The balance in Retained Earnings was $1,556 million on December 31, 2019, and 2020 Net Income was $860 million. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) 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 dollars and not millions.) 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31, 2017. (Amount to be deducted should be indicated by a minus sign. Enter your answers in millions rounded to 1 decimal place.) SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 (in millions) Retained Earnings, January 1, 2017 Net income Dividends declared on common shares Dividends declared on preferred shares Retained Earnings, December 31, 2017 $ 0.0