The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $150,000 in the current year. it also declared and paid dividends on common stock in the amount of $2.50 per share. During the current yeat, Sneer had 1 million common shares authorized; 350,000 shares had been issued; and 145,000 shares were in treasury stock. The opening balance in Retained Earnings was $850,000 and Net Income for the current year was $350,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information glven 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 journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (It no entry is required for a transactionvevent, select "No Journal Entry Required" In the first occount field.) Journal entry worksheet Complete this question by entering your answers in the tabs below. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no. entry is Prepare journai entries to record the deciaration, and payment, of dividends on (a) prefiried, required for a transaction/event, soloct "No Journal Entry Required" in the first account field, Journal entry worksheet 4 kecord the declaration of a cash dividend of $150,000 to the preferred stockholders. Note: Enter ahits belore crests. 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 transactionvevent, solect "No Journat Entry Required" in the first account field.) Journal entry worksheet Record the payment of the cash dividend to the preferred stockholders. ftote: Fiter debits before credits: Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is mequired for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Record the declaration of a cash dividend of $2.50 per share to the common stockholders payable on the shares outstanding. Note: Enter debits tefore credits. Prepare journal entries to record the dectaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is equired for a transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 Record the payment of the cash dividend to the common stockholders. Note: Enter debits before credits: 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 eamings 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. Using the information given above, prepare a statement of retained earnings for the year ended December 31. repare a journal entry to close the dividends account. (If no entry is required for a transaction/event, select "No Joumal Entry Required" the first account field.) Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits