The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $240,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.60 per share. During the current year, Sneer had 1 million common shares authorized; 440,000 shares had been issued; and 226,000 shares were in treasury stock. The opening balance in Retained Earmings was $760,000 and Net Income for the current year was $260,000 15 points Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (aj preferred and common stock. 2. Using the information given above, prepare a statement of retained eamings for the year ended December 31 3. Prepare a journal entry to close the dividends account. eBook Complete this question by entering your answers in the tabs below. Print Required Required Required Reference 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 Record the declaration of a cash dividend of $240,000 to the preferred stockholders Note: Enter debits before credits. ansaction View general journal Record entry Clear entry and 226,000 shares were in treasury stock. The opening balance in Retained Earnings was $760,000 and for the current year was $260,000. 15 Required points 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) com 2. Using the information given above, prepare a statement of retained earnings for the year ended Deceml 3. Prepare a journal entry to close the dividends account. eBook Complete this question by entering your answers in the tabs below. Required Required Required Using the information given above, prepare a statement of retained earnings for the year Print Reference 2 ended December 31 SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Retained Earnings, December 31 KRequired 1 Required 3 > 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferre 2. Using the information given above, prepare a statement of retained earnings for the year er 3. Prepare a journal entry to close the dividends account. Complete this questibhi by entering your answers in the tabs below. Required Required Required Prepare a journal entry to close the dividends account. (If no entry is required f transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits. Debit Credit ransaction General Journal Record entry View general journal Clear entry