The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $210,000 in the current year. It also declared and paid dividends on common stock in the amount of $190 per share. During the current year, Sneer had 1 million common shares authorized, 410,000 shares had been issued, and 199.000 shares were in treasury stock. The opening balance in Retained Earnings was $790,000 and Net Income for the current year was $290,000 Required: 1. Prepare joumal entries to record the declaration, and payment, of dividends on (a) preferred and to 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. 12 Journal entry worksheet 1 2 3 ped Record the declaration of a cash dividend of $210,000 to the preferred stockholders. look rint Note: Enter debits before credits General Journal Debit Credit Transaction a(1) Record entry Clear entry View general journal VW transaction ist 12 Journal entry worksheet 3 4 Skipped Record the payment of the cash dividend to the preferred stockholders. eBook Print Note: Enter debits before credits. General Journal Debit Credit Transaction a(2) Record entry Clear entry View general journal 12 Journal entry worksheet 1 2 4 Skipped Record the declaration of a cash dividend of $1.90 per share to the common stockholders payable on the shares outstanding. eBook Print Note: Enter debits before credits General Journal Transaction b(1) Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 Skipped Record the payment of the cash dividend to the common stockholders. eBook Print Note: Enter debits before credits Transaction b(2) General Journal Debit Credit Record entry Clear entry View general Journal Help Complete this question by entering your answers in the tabs below. 12 Required 1 Required 2 Required 3 Skipped Using the information given above, prepare a statement of retained earnings for the year ended December 31. eBook SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Print Retained December 31 12 Journal entry worksheet A > Skipped Record the entry to close the dividends account. eBook Print Note: Enter debits before credits Transaction General Journal Dett Credit 1 Record entry Clear entry View general Journal