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A corporation is treated as a separate legal entity, which means; if there is a legal dispute between the corporation and another party, the other party can take legal actions against the corporation rather than the individual shareholders or owners. True O False On April 1, the directors of Acme Corporation declare a $1.00 per share cash dividend on 200.000 shares of $12 par value common stock. The dividend is payable on May 20 to shareholders of record on May 6. The Acme Corporation will record the declaration of the cash dividend on May 6 in their book of accounts. True O False