March 5, 2012National Chocolate Corp. 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 30 to shareholders of record at the close of business on March 26.

1. Prepare any journal entries that National Chocolate Corp. should make as the result of information in the preceding report for March 5, March 26, and April 30.