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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 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?

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 3AP
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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
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.
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