Which of the following statements are true? I. Dividends only become a liability for the firm once they have been declared by the Board of Directors. Dividends are tax deductible for the firm since they are an expense like interest payments. II. III. Firms increase their dividend pay-out in order to reduce their tax liability. IV. Dividends on preferred stock tend to be cumulative, meaning that previously forgone preferred dividends must be paid before dividends, can be paid to common stockholders. V. Dividends are one-way shareholders can receive cash in exchange from owning stock in a firm; the alternative source of cash for shareholders requires selling the stock to realize its capital gains. OA III only. OB. O C. OD. OE. I, II, III, IV, & V. I, II, III, & IV only. I, IV, & V only. I, II, IV, & V only.