Bonita Industries owned 22300 shares of Carla Vista Co. purchased in 2014 for $613250. On December 15, 2017, Bonita declared a property dividend of all of its Carla Vista Co. shares on the basis of one share of Carla Vista for every 10 shares of Bonita common stock held by its stockholders. The property dividend was distributed on January 15, 2018. On the declaration date, the aggregate market price of the Carla Vista shares held by Bonita was $891000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of

$613250.

$891000.

$0.

$277750.