23) Company A declared a property dividend of 23,000 shares of its investment in Company B. These shares were purchased for $4 per share. On the declaration date of the dividend, the market price of Company Bs shares was $11 per share. What NET reduction in Company As retained earnings would result from declaring this property dividend?

a. $92,000

b. $253,000

c. $161,000

d. $112,000

28) Company A bought inventory on September 1, 2031 worth $450,750 by issuing a $480,000 noninterest-bearing note due in 9 months. The adjusted entry made by company A on December 31, 2021 will include a:

a. debit to interest expense for $13,000

b. debit to discount on notes payable for $13,000

c. credit to inventory for $29,250

d. credit to notes payable for $29,250