The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $220,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.80 per share. During the current year, Sneer had 1 million common shares authorized: 420,000 shares had been issued; and 208,000 shares were in treasury stock. The opening balance in Retained Earnings was $780,000 and Net Income for the current year was $280,000. Required: :3 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account Record the declaration of a cash dividend of $220,000 to the preferred stockholders. Note: Enter debits before credits. General Journal Debit Credit rences Transaction a(1) Journal entry worksheet 3 4 Record the payment of the cash dividend to the preferred stockholders. Note: Enter debits before credits. Debit Credit Transaction a(2) General Journal SE 1 11 Journal entry worksheet Record the declaration of a cash dividend of $1.80 per share to the common stockholders payable on the shares outstanding. Note: Enter debits before credits. Debit Credit W Transaction General Journal (1) EEEEEEEEEEEEE NEED PIESE 111 Journal entry worksheet 23. Record the payment of the cash dividend to the common stockholders. Note: Enter debits before credits: Transaction b(2) General Journal D ebit Credit 1