The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.6 million in 2020. It also declared and paid dividends on common shares in the amount of $1.70 per share. During 2020, Sneer had 1,000,000,000 common shares authorized; 387,270,300 shares had been issued. The balance in Retained Earnings was $1,551 million on December 31, 2019, and 2020 Net Income was $855 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 payment of cash dividends on common shares. Record the transaction Note: Enter debits before credits. Transaction General Journal Debit Credit b-2 Record entry Clear entry View general journal 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 CORPORATIO+ Statement of Retained Earnings For the Year Ended December 31, 2017 (in millions) Retained Earnings, January 1, 2017 Retained Earnings, December 31, 2017