7. ABC Co. had lands at cost of $200,000, and the fair value of the lands was $250,000 on December 31, 2019. On January 21, 2020, when the fair value of the lands was $230,000, ABC declared a property dividend whereby the lands are to be distributed on March 10, 2020, to shareholders of record on February 15, 2020. When ABC record the entry on declaration date, one of the following will appear correctly: * (2 points) O Cr. Retained earnings 250.000 O Dr. Land 30,000 O Cr. Properties dividends payable 200,000 Dr. Land 50,000