Which of the following statements related to cash dividends is/are correct?

I. Extra cash dividends will never be repeated by a firm.

II. The dividend yield expresses the annual dividend as a percentage of net income.

III. A dividend is never a liability until it has been declared.

IV. If a firm has paid regular quarterly dividends for at least five consecutive years it is legally obligated to continue doing so.

V. Regular cash dividends reduce paid-in capital.

II andV only

III only

II, III and IV only

I and III only

I, II and IV only