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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? ADEMBE in

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? ADEMBE in

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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.
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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 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.) Date General Journal Debit Credit No
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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 11 Required 2 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.) Date General Journal Debit Credit No
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