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?

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