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. 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 Using the information given above, prepare a statement of retained earnings for the year ended December 31. SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Add: Net Income Less: Dividends on Preferred Stock Less: Dividends on Common Stock Retained Earnings, December 31 $ 810,000 310,000 1,120,000 532,100 % $ 587,900