ABC declared a property dividend. The dividend consisted of Land. The land had originally been purchased $40,000. The value of the land on the declaration date is $70,000. What is the first entry that should be recorded related to this dividend? Multiple Choice Retained earnings 70,000 Property dividends payable 70,000 Retained earnings 70,000 Property dividends payable Gain 40,000 30,000 Land Retained earnings 30,000 30,000 Land 30,000 Gain on investments 30,000