The three requirements is a whole question. The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the

amount of $$190,000$ in the current year. It also declared and paid dividends on common stock in the amount of $$2\mathrm{.}90$

per share. During the current year, Sneer had $1$ million common shares authorized; $390,000$ shares had been issued;

and $181,000$ shares were in treasury stock. The opening balance in Retained Earnings was $$890,000$ and Net Income

for the current year was $$390,000.$

Required:

Prepare journal entries to record the declaration, and payment, of dividends on $($a$)$ preferred and $($b$)$ common

stock.

Using the information given above, prepare a statement of retained earnings for the year ended December $31.$

Prepare a journal entry to close the dividends account.

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Using the information given above, prepare a statement of retained earnings for the year ended December $31.$