National Chocolate Corporation produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5-National Chocolate Corporation 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 29 to shareholders of record 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 Corporation should make on the four dates mentioned in the press release. 2. What would the board of directors have considered before making the dividend decisions?
National Chocolate Corporation produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5-National Chocolate Corporation 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 29 to shareholders of record 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 Corporation should make on the four dates mentioned in the press release. 2. What would the board of directors have considered before making the dividend decisions?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Prepare any journal entries that National Chocolate Corporation should make on the four dates mentioned in the press release.
2. What would the board of directors have considered before making the dividend decisions?
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Prepare any journal entries that National Chocolate Corporation should make on the four dates mentioned in the press
release. (If no entry is required for a transaction/date, select "No Journal Entry Required" in the first account field.)
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Transcribed Image Text:National Chocolate Corporation produces chocolate bars and snacks under the brand names Blast and Soothe. A press release
contained the following information:
March 5-National Chocolate Corporation 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 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 Corporation should make on the four dates mentioned in the press release.
2. What would the board of directors have considered before making the dividend decisions?
Answer is not complete.
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