ABC declared a property dividend. The dividend consisted of 14,000 common shares of its investment in XYZ Company. The shares had originally been purchased at $1 per share and had a $1 par. The value of the shares on the declaration date is $8 per share. What is the first entry that should be recorded related to this dividend? Multiple Choice Investment in XYZ 98,000 Gain on appreciation of investment 98,000 Retained earnings 112,000 Property dividends payable 14,000 Gain on appreciation of investment 98,000 Investment in XYz 98,000 Retained earnings 98,000 Retained earnings 112,000 Multiple Choice Investment in XYZ 98,000 Gain on appreciation of investment 98,000 Retained earnings 112,000 Property dividends payable Gain on appreciation of investment 14,000 98,000 Investment in XYZ 98,000 Retained earnings 98,000 Retained earnings 112,000 Property dividends payable 112,000