The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $120.4 million in 2020 . It also declared and paid dividends on common shares in the amount of $2.50 per share. During 2020 , Sneer had 1,000,000,000 common shares authorized; 388,070,300 shares had been issued. The balance in Retained Earnings was $1,559 million on December 31,2019 , and 2020 Net Income was $863 million. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not millions.) View transaction list Journal entry worksheet (1) 2 (3) 4 Record the payment of cash dividends on common shares. Record the transaction 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31,2017 . (Amount to be deducted should be indicated by a minus sign. Enter your answers in millions rounded to 1 decimal place.)