The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $240,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.60 per share. During the current year, Sneer had 1 million common shares authorized; 440,000 shares had been issued, and 226,000 shares were in treasury stock. The opening balance in Retained Earnings was $760,000 and Net Income for the current year was $260,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 Record the declaration of a cash dividend of $240,000 to the preferred stockholders Note: Enter debits before credits. Transaction General Journal Debit Credit