This question will be sent to your instructor for grading The 2020 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.6 million in 2020. It also declared and paid dividends on common shares in the amount of $1.70 per share During 2020, Sneer had 1,000,000,000 common shares authorized: 387,270,300 shares had been issued. The balance in Retained Earnings was $1551 million on December 31, 2019 and 2020 Net Income was $855 million Required: 1. Prepare journal entries to record the declaration, and payment of dividends on (a) preferred and (b) common shares. 2. Using the information given above, prepare a statement of retained eamings for the year ended December 31, 2020