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: 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. Required 1 Required 2 Required 3 Prepare yournal 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 1 Record the declaration of a cash dividend of $220,000 to the preferred stockholders. 2 Record the payment of the cash dividend to the preferred stockholders. Record the declaration of a cash dividend of $1.80 per Share to the common stockholders payable on the shares Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record the declaration, and payment, of dividends on (a required for a transaction/event, select "No Journal Entry Required" in the first acc View transaction list x 1 Record the declaration of a cash dividend of $220,000 to the preferred stockholders. 2 2 Record the payment of the cash dividend to the preferred stockholders. 3 Record the declaration of a cash dividend of $1.80 per share to the common stockholders payable on the shares outstanding. Credit 4 Record the payment of the cash dividend to the common stockholders. Note : journal entry has been entered Record entry Clear entry View general jou