The annual report for Sneer corporation disclosed that the company declared and preferred dividends in the amount of $300,000 in the current year. It also declared and paid dividends on common stock in the amount of 1.00 per share. During the current year, Sneer had 1 million common shares authorized; 500,000 shares had been issued ; and 280,000 shares where treasury stock . The opening balance in retained earnings was $700,000 and net income for the current year was $200,000

Prepare the journal entries

Record the declaration of cash dividend of 300,000 to the preferred stock

Record the payment of the cash dividend to the preferred stock holders

Rcord the declaration of a cash dividend of 1.00 per share to the common stockholders payable on the shares outstanding

Rcord the payment of the cash dividend to the common stockholders.