Boxer Company owned 30,000 shares of King Company that were purchased in 2011 for $460,000. On May 1, 2013, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 42,000 shares of Boxer stock outstanding. The market value of the King stock was $30 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?