The annual report for Sneer Corporation disclosed that the company declared and pald preferred dividends in the amount of $100,000 in the current year. It also declared and paid dividends on common stock in the amount of $2 per share. During the current year, Sneer had 1 mittion common shares authorized, 300,000 shares had been issued; and 100,000 shares were in treasury stock. The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000. Required: 1. Prepare journal entries to record the declaraton, 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 joumal 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 fisst account field.) Journal entry worksheet 4 Record the declaration of a cash dividend of 5100,000 to the preferred stocicholders. Mete Enter detita betne areics. The annual report for Sneer Corporation disclosed that the company declared and pald preferred dividends in the amount of $100.000 in the current year. It also declared and pald dividends on common stock in the amount of \$2 per share. During the current year, Sneer had 1 milition common shares authorized; 300,000 shares had been issued; and 100,000 shares were in treasury stock. The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000. Required: 1. Prepare journal entries to record the declaration, and payment, of divdends on (s) preferted and (C) 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. Using the information given above, prepare a statement of retained eamings for the year ended December 31. The annual report for Sneer Corporation disclosed that the company declared and paid preferted dividends in the amount of $100,000 in the current year. It also deciared and pald dividends on common stock in the amount of $2 per share. During the current yeas, Sneer had 1 million common shares authorized; 300,000 shares had been issued; and 100,000 shares were in treasury stock. The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000. Required: 1. Prepare journal entrles 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 a journal entry to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet