We estimate the dynamic structure factor S(q, omega) for liquid He-4 in both ifs normal and superfluid phases. A path integral Monte Carlo simulation is performed to compute the imaginary-time polarization propagator F(q, tau), from which S(q, omega) is extracted by maximum entropy. Results for normal He-4 ave in good quantitative agreement with recent neutron scattering experimental data; broad agreement is found for superfluid 4He as well, though sharp features are lost, particularly at low q. We attribute the excessive smoothness of the results to the entropic ''prior probability'' function used in the maximum entropy reconstruction. The experimentally observed ground state excitation spectrum E(q) is accurately reproduced in the 0 less than or equal to q less than or equal to 2.5 Angstrom(-1) range.