2. Boxer Company owned 20,000 shares of King Company that were purchased in 2020 for $500,000. On May 1, 2022, Boxer declared a property dividend of I share of King for every 10 shares of Boxer stock. On that date, there were 50,000 shares of Boxer stock outstanding. The market Price 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? a. $0. b. $150,000. c. $160,000. d. $300,000.