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Brave Industries owned investment securities with a book value of $20 million on August 12. At that time, Brave's board of directors declared a property
Brave Industries owned investment securities with a book value of $20 million on August 12. At that time, Brave's board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows: Declaration --- August 12 Date of record --- September 1 Distribution date --- September 20 By how much is total stockholder' equity reduced by the property dividend? $31 million $30 million $27 million $20 million $28 million 30 million 31 million
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