This is one question, with multiple parts.

E11-11 Recording Dividends and Preparing a Statement of Retained Earnings [L0 11-2, LO 11-3] The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.20 per share. During the current year, Sneer had 1 million common shares authorized; 320,000 shares had been issued;and 118,000 shares were in treasury stock. The opening balance in Retained Earnings was $820,000 and Net Income for the current year was S320,000. Required: 1. Prepare joumal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is required for a t, select "No Journal Entry Required" in the first account fleld.) View transaction list ournal entry worksheet Record the declaration of a cash dividend of $120,000 to the preferred stockholders. Note: Enter debits before credits. Record entry View general journal Clear entry 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 Statement of Retained Earnings For the Year Ended Retained Eam ngs, January Retained 3. Prepare a journal entry to close the dividends account (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)