ABC declared a property dividend. The dividend consisted of 16,000 common shares of its investment in XYZ Company. The shares had originally been purchased at $3 per share and had a $1 par. The value of the shares on the declaration date is $6 per share. What is the first entry that should be recorded related to this dividend? Multiple Choice Investment in XYZ 48,808 Gain on appreciation of investment 48,800 Investment in XYZ 48,800 Retained earnings 48,800 etained earnings 96 Property dividends payable Gain on 48,800 48,000 eciation of investment Retained earnings 96,8e8 Property dividends payable 96,8e0