the annual report for sneer corporation disclosed that the company declared and paid preferred dividends in the amount of $220,000 in the current year. it also declared and paid dividends on common stock in the amount of $1.80 per share. during the current year, sneer had 1 million common shares authorized; 420,000 shares had been issued; and 208,000 shares were in treasury stock. the opening balance in retained earnings was $780,000 and net income for the current year was $280,000. 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.