The annual report for Sneer Corporation disclosed that the company declared and paid 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 were in treasury stock. The opening balance in Retained Earnings was $700,000 and Net Income for the current year was $200,000 Required: 1. 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