Sneer had 1 million common shares authorized: 410,000 shares had been issued and 199,000 shares were in treasury stock. The opening balance in Retained Earnings was $790,000 and Net Income for the current year was $290,000. 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 Complete this question by entering your answers in the tabs below Required1 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 Retained Earnings, December 31 K Required 1 Required 3 > Sneer had 1 million common shares authorized: 410,000 shares had been issued and 199,000 shares were in treasury stock. The opening balance in Retained Earnings was $790,000 and Net Income for the current year was $290,000. 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 Complete this question by entering your answers in the tabs below Required1 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 Retained Earnings, December 31 K Required 1 Required 3 >