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 $1.20 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. Journal entry worksheet Record the declaration of a cash dividend of $280,000 to the preferred stockholders. Note: Enter debits before credits. Journal entry worksheet Record the payment of the cash dividend to the preferred stockholders. Note: Enter debits before credits. Journal entry worksheet Record the declaration of a cash dividend of $1.20 per share to the common stockholders payable on the shares outstanding. Note: Enter debits before credits. Journal entry worksheet 2 Record the payment of the cash dividend to the common stockholders. Note: Enter debits before credits. Using the information given above, prepare a statement of retained earnings for the year ended December 31. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits