Review Assignment 11 value: 10.00 points The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $160,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.60 per share. During the current year, Sneer had 1 million common shares authorized; 360,000 shares had been issued; and 154,000 shares were in treasury stock. The opening balance in Retained Earnings was $860,000 and Net Income for the current year was $360,000. Required 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the payment of the cash dividend to the common stockholders Note: Enter debits before credits. Record entry View general journal Clear entry 2. Using the information given above, prepare a statement of earnings for the year ended December 31 Statement of Retained Earnings Retained Eamings, January 1 Retained Earnings. December 31