The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.4 million in 2017. It also declared and paid dividends on common shares in the amount of $2.50 per share. During 2017, Sneer had 1,000,000,000 common shares authorized; 388,070,300 shares had been issued. The balance in Retained Earnings was $1,559 million on December 31, 2016, and 2017 Net Income was $863 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.) OAnswer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 -1. Dividends declared 120,400,000 Dividends payable 120,400,000 Dividends payable 120,400,000 2 -2. Cash 120,400,000 O b-1. Dividends declared O1,529,824,250 X 1,529,824,250 3 Dividends payable 1,529,824,250 x b-2. Dividends payable O x 1,529,824,250 4 Cash 1,529,824,250 X 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.) Answer is complete but not entirely correct. SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 (in millions) Retained Earnings, January 1, 2017 $ 1,559,000,000.0 x Net income 863,000,000.0 X Dividend declared on preferred shares (120,400,000.0) X Dividend declared on common shares O(1,529,824,250.0) X Retained Earnings, December 31, 2017 $ 771,775,750.0