The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $1207 million in 2017, it also declared and paid dividends on common shares in the amount of $280 per thare. Ouring 2017 Soerad 1,000,000,000 common shares authorized: 388.370,300 shares had been issued. The balance in Retained Earnings was $1562 on December 31, 2016 and 2017 Net Income was $866 million Required: 1. Prepare journal entries to record the declaration, and payment of dividends on tai preferred and common shares. If no entry required for a transactionevent, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not millions.) 22 View transaction list View journal entry worksheet EX C Record the declaration of Dividend on preferred shares 2 Record the payment of cash dividends on preferred shares 3 Record the declaration of Dividend on common shares 4 Record the payment of cash dividends on common shares Note: = Journal entry has been entered 48 199 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 5 0.0 Retained Earnings. December 31, 2017