The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.3 million in 2020. It also declared and paid dividends on common shares in the amount of $2.40 per share. During 2020, Sneer had 1,000,000,000 common shares authorized: 387,970,300 shares had been issued. The balance in Retained Earnings was $1558 million on December 31, 2019, and 2020 Net Income was $862 million Required: 1. Prepare journal entries to record the declaration, and payment of dividends on (a) preferred and (b) common shares 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31, 2020