2. Using the information given above, prepare a statement of retained eamings 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.) SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 fin millions) Retained Earnings January 1, 2017 Retained Earrings. December 31, 2017 0.0 The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.2 million in 2017. It also declared and paid dividends on common shares in the amount of $1.30 per share. During 2017, Sneer had 1,000,000,000 common shares authorized: 386,870,300 shares had been issued. The balance in Retained Earnings was $1,547 million on December 31, 2016, and 2017 Net Income was $851 million