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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 2012-National Chocolate Corp today an

National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5, 2012-National Chocolate Corp. today announced that its Board of Directors has declared a special "one-time" cash dividend of $1 per share on its 100,000 outstanding common shares. The dividend will be paid on April 30 to shareholders of record at the close of business on March 26. Required: 1. Prepare any journal entries that National Chocolate Corp. should make as the result of information in the preceding report. 2. What two requirements would the board of directors have considered before making the dividend decisions?

May 22 2020 View more View Less

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