Boxer Company owned 28,000 shares of King Company that were purchased in 2016 for $420,000. On May 1, 2018, Boxer declared a property dividend of one share of King for every ten shares of Boxer stock. On that date, there were 49,000 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?

A. $142,100

B. $145,100

C. $191,300

D. $0