(1pts) 28) Microsoft Corporation has an investment in 50,000 shares of Acer Corporation common stock with a cost of $950,000. These shares are used in a property dividend to stockholders of Microsoft. The property dividend is declared on May 20 and scheduled to be distributed on August 31 to stockholders of record on June 30. The fair value per share of Acer stock is $70 on May 20, $75 on August 31, and $80 on June 30. The net effect of this property dividend on retained earnings is a reduction of $3,500,000 $2,550,000. $ 872,000. O $950 000 (1pts) 28) Microsoft Corporation has an investment in 50,000 shares of Acer Corporation common stock with a cost of $950,000. These shares are used in a property dividend to stockholders of Microsoft. The property dividend is declared on May 20 and scheduled to be distributed on August 31 to stockholders of record on June 30. The fair value per share of Acer stock is $70 on May 20, $75 on August 31, and $80 on June 30. The net effect of this property dividend on retained earnings is a reduction of $3,500,000 $2,550,000. $ 872,000. O $950 000