On which of the following dates do dividends become a liability of a corporation?
A) Dividends become a liability of a corporation on the declaration date.
B) Dividends become a liability of a corporation on the date of record.
C) Dividends become a liability of a corporation at the end of the accounting period when the adjusting entry is prepared.
D) Dividends become a liability of a corporation on the payment date.
Correct Answer:
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