The annual report for Sneer Corporation disclosed that the company declared and pald preferred dividends In the amount of $140,000 In the current year. It also declared and pald dividends on common stock In the amount of $240 per share. During the current year Sneer had 1 million common shares authorized, 340,000 shares had been Issued and 136,000 shares were In treasury stock. The opening balance In Retalned Earnings was $840,000 and Net Income for the current year was $340,000. Required: 1. Prepare Jounal entries to record the declaration, and payment, of divMdends on (a) preferred and (b common stock. 2 Using the Information glven above, prepare a statement of retalned earnings for the year ended December 31 3. Prepare a journal entry to close the diMdends account Complete this question by enterin g your answers in the tabs below Required 1Required 2 Required 3 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 $140,000 to the preferred stockholders Note: Enter debits before credits. ransaction Credit Record entry Clear entry View general journal Journal entry worksheet Record the payment of the cash dividend to the preferred stockholders. Note: Enter debits before credits Transaction General Journal Debit Credit a(2) Record entry Clear entry View general journal Journal entry worksheet Record the declaration of a cash dividend of $2.40 per share to the common stockholders payable on the shares outstanding. Note: Enter debits before credits. ransaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the payment of the cash dividend to the common stockholders. Note: Enter debits before credits. Transaction General Journal Debit Credit b(2) Record entry Clear entry View general journal Required 1Required 2 Required 3 Using the information given above. prepare a statement of retained earnings for the year ended December 3 SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 Retained Earnings, December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare ajournalentry to close the dividends account. If no entry is required for a transaction/event, select "NJournal 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 Transaction General Journal Record entry Clear entry View general journal