Am12. Amy Company declared a property dividend of 20,000 shares of its investment in $1 par North Company stock. The North stock was purchased for $4 per share. The fair value of North stock was $10 per share on the declaration date of the property dividend and $12 per share on the distribution date. What is the amount of the dividend?

1. 200,000

2. 20,000

3. 240,000

4. 80,000