Boxer Company owned 23,000 shares of King Company that were purchased in 2019 for $420,000. On May 1, 2021, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 40,000 shares of Boxer stock outstanding. The market price of the King stock was $32 per share on the date of declaration and $39 per share on the date of distribution. By how much is retained earnings reduced by the property dividend? A) $0. B) $128,000. C) $156,200. D) $131,500