24. Melvern's Corporation Wallace Company com Stment in 20,000 shares of company common stock with a cost of $872,00 These shares are used in a property dividend of Melvern's. The property dividend is declared o and scheduled to be distributed on July 31 to sto record on June 15. The fair value per share of is $63 on May 25, $66 on June 15, and so effect of this property dividend on retained earnings reduction of erly dividend to stockholders declared on May 25 1 July 31 to stockholders of Hue per share of Wallace stock o on June 15, and $68 on July 31. The net A) B) C) D) $1,360,000. $1,320,000. $1,260,000. $ 872,000