The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $130,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.30 per share. During the current year, Sneer had 1 million common shares authorized; 330,000 shares had been issued; and 127,000 shares were in treasury stock. The opening baiance in Retained Earnings was $830,000 and Net Income for the current year was $330,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information glven above. prepare a statement of retained earnings for the yeat ended December 31 . 3. Prepare a journal entry to close the dividends account. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 Record the declaration of a cash dividend of $130,000 to the preferred stockholders. 2 Record the payment of the cash dividend to the preferred stockholders. 3 Record the declaration of a cash dividend of $2.30 per share to the common stockholders payable on the shares outstanding. 4 Record the payment of the cash dividend to the common stockholders. Note: = journal entry has been entered Using the information given above, prepare a statement of retained earnings for the year ended De Prepare a journal entry to close the dividends account. (If no entry is required for a transaction/event, select "No Journal Entry in the first account field.) Journal entry worksheet Record the entry to close the dividends account. Wote : Enter debits before credits