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Problem: The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $100,000 in the current year. It also declared and paid dividends on common stock in the amount of $2 per share. During the current year, Sneer had 1 million common shares authorized; 300,000 shares had been issued; and 100,000 shares were in treasury stock. The opening balance in Retained Earnings was $800,000 and Net Income for the current year was $300,000.
Required:
Question 1: Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock.
Question 2: Using the information given above, prepare a statement of retained earnings for the year ended December 31.
Question 3: Prepare a journal entry to close the Dividends account.
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