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By how much is retained earning reduced by property dividend

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Question :

Boxer Company owned 20,000 shares of King Company that were purchased in 2014 for $500,000. On May 1, 2016, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 50,000 shares of Boxer stock outstanding. The market value of the King stock was $30 per share on the date of declaration and $32 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?

Reference no: EM132380962

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