A company has 10,000 shares of $1 par common stock that is selling for $50 per share. They declare a $4/share dividend. The day after the dividend is declared the stock rises to $54/share. The company records Cash Dividends Payable of $500,000 This answer is correct The correct answer is $10,000 ($1 par x 10,000 shares) The correct answer is $40,000 ($4 x 10,000 shares) The correct answer is $540,000 ($54 x 10,000 shares)