The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $160,000 in the current year. it also declared and paid dividends on common stock in the amount of $2.60 per share. During the current year, Sneer had 1 million common shares authorized; 360,000 shares had been issued; and 154,000 shares were in treasury stock. The opening balance in Retained Earnings was $60,000 and Net Income for the current year was $360,000. Required: 1. Prepare joumal 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 joumal 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, nelect "No Journal Entry Required" in the first account field.)