the annual report for sneer corporation disclosed that the company declared and paid preferred dividends in the amount of $120,000 in the current year. it also declared and paid dividends on common stock in the amount of $2.20 per share. during the current year, sneer had 1 million common shares authorized; 320,000 shares had been issued; and 118,000 shares were in treasury stock. the opening balance in retained earnings was $820,000 and net income for the current year was $320,000.