Please answer 1-3

The annual report for Sneer Corporation disclosed that the company declared and pald preferred dividends In the amount of $160.000 In the current year. It also declared and pald dividends on common stock In the amount of $260 per share. During the current year Sneer had 1 million common shares authorized: 360,000 shares had been Issued, and 154,000 shares were In treasury stock. The opening balance In Retalned Earnings was $860,000 and Net Income for the current year was $360,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on preferred and (bj common stock. 2 Using the Information glven above, prepare a statement of retalned earnings for the year ended December 31 3. Prepare a Journal entry to close the dividends account. Complete this question by entering your answers in the tabs below. Required 1 Required 2Required 3 Prepare a journal entry to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) ew transaction lst Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Record entry Clear entry Mew general journal Required 2