The 2020 annual report for Sneer Corporation disclosed that the company deciared and paid preferred dividends in the amount of $119.5 million in 2020. It also declared and paid dividends on common shares in the amount of $160 per share. During 2020. Sneer had 1,000,000,000 common shares authorized: 387170,300 shares had been issued. The balance in Retained Earnings was $1,550 million on December 31, 2019 and 2020 Net Income was $854 million Required: 1. Prepare journal entries to record the declaration, and payment of dividends on (o) preferred and (y common shares. ( 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 lit View journal entry worksheet No Transaction General Journal Debit Cred 1 119 500 000 Dividends declared Dividends payable 119.500.000 2 119.500.000 Dividends payable Dividends declared 119.500.000 619 472.000 3 Dividends declared Dividends payable 619.472.450 619.472.400 Additional paid.in capital, common shares Dividends declared 619.472.400 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 tin millions) Retained Earnings January 1, 2017 5 00 Retained Earnings, December 31, 2017