Boxer Company owned 23,000 shares of King Company that were purchased in 2016 for $500,000. On May 1, 2018, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 54,000 shares of Boxer stock outstanding. The market value of the King stock was $29 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? Multiple Choice $161,100. $210,800. $156,600. $0