Sneer Comporation Annual Report

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The annual report for Sneer Comporation disclosed that company delared and paid preferred dividends in the amount of $290,000 in the current year it also dectared and paid dividends on common stock in the amount of $1.10 per share. Dering the cerrent the year. Sneer had 1 million common shares authorized 490,000 shares had been issued and 271,000 shares were in treasury stock. The opening balance in Retained Earnings was $710,000 and Net Income for the current year was $210,00.

Just need #3 can someone explain how to close the dividends account.