The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.5 million in 2017. It also declared and paid dividends on common shares in the amount of $2.60 per share. During 2017, Sneer had 1,000,000,000 common shares authorized: 388,170,300 shares had been issued. The balance in Retained Earnings was $1,560 million on December 31, 2016, and 2017 Net Income was $864 million. 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 View journal entry worksheet ( No Transaction General Journal Debit Credit 1 a-1 120,500,000 Cash Dividends payable 120,500,000 2 a-2 120,500,000 Retained earnings Cash 120,500,000 3 b-1 Dividends Dividends payable 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 $ 0.0 Retained Eamings, December 31, 2017