The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends...

Transcribed Image Text:

The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.0 million in 2020. It also declared and paid dividends on common shares in the amount of $1.10 per share. During 2020, Sneer had 1,000,000,000 common shares authorized; 386,670,300 shares had been issued. The balance in Retained Earnings was $1,545 million on December 31, 2019, and 2020 Net Income was $849 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 1 Record the declaration of Dividend on preferred shares. Record the transaction 2 Record the payment of cash dividends on preferred shares. Record the transaction ares. 3 Record the declaration of Dividend on common shares. Record the transaction Credit 4 Record the payment of cash dividends on common shares. Record the transaction Note : journal entry has been entered Record entry View general journal Clear entry > 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.) SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 (in millions) Retained Earnings, January 1, 2017 Retained Earnings, December 31, 2017 $ 0.0 The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.0 million in 2020. It also declared and paid dividends on common shares in the amount of $1.10 per share. During 2020, Sneer had 1,000,000,000 common shares authorized; 386,670,300 shares had been issued. The balance in Retained Earnings was $1,545 million on December 31, 2019, and 2020 Net Income was $849 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 1 Record the declaration of Dividend on preferred shares. Record the transaction 2 Record the payment of cash dividends on preferred shares. Record the transaction ares. 3 Record the declaration of Dividend on common shares. Record the transaction Credit 4 Record the payment of cash dividends on common shares. Record the transaction Note : journal entry has been entered Record entry View general journal Clear entry > 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.) SNEER CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 (in millions) Retained Earnings, January 1, 2017 Retained Earnings, December 31, 2017 $ 0.0