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 amourit 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 lncome 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 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. Complete this question by entering your answers in the tabs below. 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 firat account field.) Journal entry worksheet Record the declaration of a cash dividend of $240,000 to the preferred stockholders, Nutes Enter dehis teloee credita. Journal entry worksheet 4 Record the payment of the cash dividend to the preferred stockholders. Potei Enter debits before aredits. Journal entry worksheet Record the declaration of a cash dividend of $1.60 per share to the common stockholders payable on the shares outstanding. Note: Enter debits before credits. Journal entry worksheet Record the payment of the cash dividend to the common stockholders. Note: Enter debits before credits. 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. Complete this question by entering your answers in the tabs below. Using the information given above, prepare a statement of retained earnings for the year ended December 31. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits