Advise if this is correct National Chocolate Corp. produces chocolate bars and snacks under...
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National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe A press release contained the following information March 5-National Chocolate Corp today announced that its Board of Directors has declared a special one-time" cash dividend of $1.20 per share on its 96 000 outstanding common shares The dividend will be paid on April 29 to shareholders of record at the close of business on March 26. The Company's fiscal year will end April 30 Required: 1. Prepare any journal entries that National Chocolate Corp should make on the four dates mentioned in phesi releaso ut thn or a tronisactiondat select No dourta Enitry Reguired' m View transaction list View journal entry worksheet No Date General Journal Credit March 05 Retained Eamings 115,200 Dividends Payable 115,200 2 March 26 No Journal Entry Required 3 April 29 Dividends Payable 4 April 30 No Journal Entry Required 115,200 Cash 115,200 2. What would the board of directors have considered before making the dividend decisions? O The board must consider the balances of common stock and cash before declaring a cash dividend The board must consider the balances of retained earnings and cash before declaring a cash dividend
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