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Enlighted Industries owned investment securities with a book value of $20 million on August 12. At that time, Enlighted board of directors declared a property
Enlighted Industries owned investment securities with a book value of $20 million on August 12. At that time, Enlighted board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows: Declaration --- August 12 528 million Date of record -- September 1 30 million Distribution date - September 20 31 million By how much is retained earnings reduced by the property dividend
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