8 Question of 9 2 points Save Arrower ABC Corp has an investment in 11,000 shares of XYZ Company ordinary shares with a cost of $300,000 These shares are used in a property dividend to shareholders of ABC Corp. The property dividend is declared on May 25 and scheduled to be distributed on July 31 to shareholders of record on June 15. The market value per XYZ share is $70 on May 25, $75 on June 15, and $80 on July 31. The net effect of this property dividend on retained earnings is a reduction of OA $880,000. OB $750,000. OC $800,000. OD $770,000