Current Attempt in Progress McCaffrey Corporation owned 14,000 shares of Harper Corporation's Rs5 par value ordinary shares. These shares were purchased in 2016 for Rs326,000. On May 4, 2022, McCaffrey declared a property dividend of one share of Harper for every twenty shares of McCaffrey shares held by a stockholder. On that date, when the market price of Harper was Rs34 per share, there were 280,000 shares of McCaffrey outstanding. What net reduction in retained earnings would result from this property dividend? O $176,000 O $150,000 O $476,000 O $326,000 Question 26 Multiple Choice Viewing Question 27 Multiple Choice Question 28 Multiple Choice Question 29

Mc Catfrey Corporation owned 14.000 shares of Harper Corporation's Rs5 par value ordinary shares. These shares were purchased in 2016 for Rs326.000. On May 4, 2022. McCatfrey declared a property dividend of one share of Harper for every twenty shares of McCatfrey shares held by a stockholder. On that date, when the market price of Harper was Rs34 per share, there were 280,000 shares of McCalfrey outstanding. What net reduction in retained earnings would result from this property dividend? $176,000 $150000 $476.000 $326000