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

Note: $Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field. Enter your

answers $in$ whole dollars and not millions. Using the information given above, prepare a statement $of$ retained earnings for the year ended December $31,2020.$ Note: Amount $tobe$ deducted should $be$ indicated $by$ a minus sign. Enter your answers $in$ millions rounded $to1$ decimal place.

$\begin{array}{cc}\text{S}\text{N}\text{E}\text{E}\text{R}\text{C}\text{O}\text{R}\text{P}\text{O}\text{R}\text{A}\text{T}\text{I}\text{O}\text{N}& ?\\ \text{S}\text{t}\text{a}\text{t}\text{e}\text{m}\text{e}\text{n}\text{t}of\text{R}\text{e}\text{t}\text{a}\text{i}\text{n}\text{e}\text{d}\text{E}\text{a}\text{r}\text{n}\text{i}\text{n}\text{g}\text{s}& ?\\ in\text{m}\text{i}\text{l}\text{l}\text{i}\text{o}\text{n}\text{s}& \text{\$}or\text{t}\text{h}\text{e}\text{Y}\text{e}\text{a}\text{r}\text{E}\text{n}\text{d}\text{e}\text{d}\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}312017\\ \text{R}\text{e}\text{t}\text{a}\text{i}\text{n}\text{e}\text{d}\text{E}\text{a}\text{r}\text{n}\text{i}\text{n}\text{g}\text{s}\text{J}\text{a}\text{n}\text{u}\text{a}\text{r}\text{y}12017& \\ \text{N}\text{e}\text{t}\text{i}\text{n}\text{c}\text{o}\text{m}\text{e}& \\ \text{D}\text{i}\text{v}\text{i}\text{d}\text{e}\text{n}\text{d}\text{s}\text{d}\text{e}\text{c}\text{l}\text{a}\text{r}\text{e}\text{d}on\text{p}\text{r}\text{e}\text{f}\text{e}\text{r}\text{r}\text{e}\text{d}\text{s}\text{h}\text{a}\text{r}\text{e}\text{s}& 120\mathrm{.}2\\ \text{D}\text{i}\text{v}\text{i}\text{d}\text{e}\text{n}\text{d}\text{s}\text{d}\text{e}\text{c}\text{l}\text{a}\text{r}\text{e}\text{d}on\text{c}\text{o}\text{m}\text{m}\text{o}\text{n}\text{s}\text{h}\text{a}\text{r}\text{e}\text{s}& \\ \text{R}\text{e}\text{t}\text{a}\text{i}\text{n}\text{e}\text{d}\text{E}\text{a}\text{r}\text{n}\text{i}\text{n}\text{g}\text{s}\text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}312017& ?\end{array}$ Prepare a journal entry $to$ close the Dividends Declared account.

Note: $Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field. Enter your

answers $in$ whole dollars and not millions.