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Cullumber Discount Retail Company has $16,000 of dividends in arrears. Based on this information, which of the following statements is false? - An obligation for dividends in arrears exists only after the board of directors declares payment. - The investment community looks favorably on companies with dividends in arrears since the money is redirected toward more important growth opportunities. - Dividends in arrears are not considered to be liabilities. - The amount of dividends in arrears should be disclosed in the notes to the financial statements.
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