The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.8 million in 2017. It also declared and paid dividends on common shares in the amount of $2.90 per share. During 2017, Sneer had 1.000.000.000 common shares authorized; 388,470,300 shares had been issued. The balance in Retained Earnings was $1,563 million on December 31, 2016, and 2017 Net Income was $867 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.) View transaction list Journal entry worksheet Record the declaration of Dividend on preferred shares. Note: Enter debits before credits. Transaction Credit General Journal Dividends Dividends payable Debit 120,800,000 a-1. 12,800,000 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 Retained Earnings, December 31, 2017