The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $280,000 in the current year. It also declared and paid dividends on common stock in the amount of $120 per share. During the current year, Sneer had 1 million common shares authorized: 480,000 shares had been issued; and 262,000 shares were in treasury stock. The opening balance in Retained Earnings was $720,000 and Net Income for the current year was $220,000. 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 journal entries to record the declaration, and payment, of dividends on (6) 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 liet Journal entry worksheet 1 2 3 4 > Record the declaration of a cash dividend of $280,000 to the preferred stockholders Seved Required 1 Required 2 Required 3 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 first account field.) View transaction list Journal entry worksheet 2 3 1 Record the declaration of a cash dividend of $280,000 to the preferred stockholders Note: Enter debits before credits General Journal Debit Credit Transaction a(1) Record entry Clear entry View general Journal Required 2 > 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 Retained Earings, December 31 Prepare a journal entry to close the dividenos account. (ir no entry is required for a transaction event, select NO Journal Entry Requirea in the first account field.) View transaction list Journal entry worksheet