Boxer Company owned 26,000 shares of King Company that were purchased in 2019 for $490,000. 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 46,000 shares of Boxer stock outstanding. The market price of the King stock was $27 per share on the date of declaration and $36 per share on the date of distribution. By how much is retained earnings reduced by the property dividend