the annual report for Sneer Corporation did

2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 Answer is complete and correct. SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earings, January 1 750,000 Add: Net Income 250,000 Less: Dividends on Preferred Stock 250,000 Less: Dividends on Common Stock 322,500 Retained Earnings, December 31 427,500 3. Prepare a journal entry to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Transaction Credit Answer is complete but not entirely correct. General Journal Retained Earings Dividends Debit 427,500 427,500 X