A legal liability for cash dividends occurs on which of the following dates?

Question

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The legal liability for cash dividends occurs on the date of declaration, which is the date when the board of directors announces the dividend and sets the record date and payment date. The ex-dividend date is two business days before the record date and is the date on which a stock starts trading without the right to the upcoming dividend. The date of record is the date on which a company determines shareholders who are eligible to receive the dividend. The date of payment is the date on which the dividend is actually paid to shareholders.

A Legal Liability for Cash Dividends Occurs on Which of the Following