The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.9 million in 2017. It also declared and paid dividends on common shares in the amount of $3.00 per share. During 2017, Sneer had 1,000,000,000 common shares authorized: 388,570,300 shares had been issued. The balance in Retained Earnings was $1.564 million on December 31, 2016, and 2017 Net Income was $868 million Required: 1. Prepare journal entries to record the declaration, and payment of dividends on (a) preferred and (y common shares. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account fleld. Enter your answers in whole dollars and not millions.) View transaction list Journal entry worksheet 1 2. 3 4 Record the declaration of Dividend on preferred shares. Note: Enter debit before credits Transaction General Journal Debit Credit Record entry Clear entry 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 e minus sign. Enter your answers in millons rounded to 1 decimal place.) SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 Retained Earnings, January 1, 2017 Retained Earnings. December 31, 2017 View transaction list Journal entry worksheet 1 2. 3 > Record the payment of cash dividends on preferred shares. Note: Enter debits before credits Transaction General Journal Debit Credit a-2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 3 > Record the declaration of Dividend on common shares. Notes Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal urnal entry In the first account fleld, Enter and not millions.) View transaction list Journal entry worksheet