Honey Incorporated produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5-Honey incorporated today announced that its Board of Directors has declared a special "one-time" cash dividend of $130 per share on its 109,000 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 flscal year will end April 30. Required: 1. Prepare any journal entries that Honey incorporated 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? Complete this question by entering your answers in the tabs below. Prepare any journal entries that Honey Incorporated 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.) Journal entry worksheet Record the declaration of a cash dividend of $1.30 per share payable on the 109,000 shares of common stock outstanding. Note: Enter debits before credits. Journal entry worksheet 1 Note: Enter debits before credits. Journal entry worksheet Record the payment of the cash dividend. Note: Enter debits before credits. Journal entry worksheet Record the entry to close dividends account. Note: Enter debits before credits. What would the board of directors have considered before making the dividend decisions? The board must consider the balances of common stock and cash before declaring a cash dividend. The board must consider the balances of retained earnings and cash before declaring a cash dividend