National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5-National Chocolate Corp. today announced that its Board of Directors has declared a special "one-time cash dividend of $1.20 per share on its 108,000 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 Corp. should make on the four dates mentioned in press release. (if no entry is required for a transaction/date, select "No Journal Entry Required" in the first account field) View transaction list Journal entry worksheet 2 Record the declaration of a cash dividend of $1.20 per share payable on the 108,000 shares pf common stock outstanding. Note: Enter debits before credits. Debit Credit Date General Journal March 05 Need Record the entry on the date of record. Note: Enter debits before credits. Date General Journal Debit Credit March 26 Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit April 29 Record the entry to close dividends account. Note: Enter debits before credits. General Journal Debit Credit Date April 30 Tournal 2. What would the board of directors have considered before making the dividend decisions? The board must consider the balances of retained earnings and cash before declaring a cash dividend. The board must consider the balances of common stock and cash before declaring a cash dividend