The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $110,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.10 per share. During the current year, Sneer had 1 million common shares authorized; 310,000 shares had been issued; and 109,000 shares were in treasury stock. The opening balance in Retained Earnings was $810,000 and Net Income for the current year was $310,000. 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 transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 1234 Record the declaration of a cash dividend of $110,000 to the preferred stockholders. Transac tion General Journal DebitCredit *Enter debits before credits done clear entryrecord entry