Boxer Company owned 27,000 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 48,000 shares of Boxer stock outstanding. The market value of the King stock was $24 per share on the date of declaration and $40 per share on the date of distribution. By how much is retained earnings reduced by the property dividend? Multiple Choice O $119,200 $115,200. O $0. $192,200