Blue Sky Inc. has a dividend policy whereby the firm pays a constant annual dividend of $3 per share of common stock. The firm has 5 million shares of stock outstanding. The company: must always show a current liability of $15 million for dividends payable. is obligated to pay $3 per share each year in perpetuity. must declare each dividend before it becomes an actual company liability. incurs a liability that must be paid at a later date should the company miss paying an annual dividend payment. will be declared in default if it does not pay at least $3 per share per year on a