ABC declared a property dividend. The dividend consisted of 8,000 common shares of its investment in XYZ Company. The shares had originally been purchased at $2 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 Retained earnings Property dividends payable Gain on appreciation of investment 16.00 - 25,000 32.000 Retained earnings Property dividends payable 48,000 48,000 O Investment in XYZ Gain on appreciation of investment Investment tion of investment 32,000