Return to w 5 The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $130,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.30 per share. During the current year, Sneer had 1 million common shares authorized: 330,000 shares had been issued; and 127,000 shares were in treasury stock. The opening balance in Retained Earnings was $830,000 and Net Income for the current year was $330,000 10 points 02:57:39 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on () 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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.) No Transaction General Journal Debit Credit A Retained Earnings Dividends 563,100 OO 563.100