Accounting Help

Metro Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5, 2012-Metro Chocolate Corp. today announced that its Board of Directors has declared a special "one-time" cash dividend of $1.02 per share on its 1.1 million outstanding common shares. The dividend will be paid on April 30 to shareholders of record at the close of business on March 26. Required: Prepare any journal entries that Metro Chocolate Corp. should make as a result of information in the press release. Assume that the company has 1.1 million shares outstanding on March 5, the par value is $0.01 per share, and the stock price is $11 per share. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Enter your answers in dollars not in millions. Omit the "$" sign in your response.)