George Corporation owned 15,000 shares of Harper Corporation's $5 par value common stock. These shares were purchased in 2008 for $225,000. On October 4, 2012, George declared a property dividend of one share of Harper for every twenty shares of George held by a stockholder. On that date, when the market price of Harper was $34 per share, there were 280,000 shares of George outstanding. What NET reduction in retained earnings would result from this property dividend?

A. $210,000

B. $225,000

C. $476,000

D. $952,000

Could you explain the calculation, and why the answer is $210,000