Gibbs corporation and 20,000 shares of Oliver corporations five dollar par value common stock. These shares were purchased in 2014 for $225,000. On September 15, 2018 Gibbs declared a property dividend of one share of Oliver for every ten shares of Gibbs held by a stockholder. On that date when the market price was $35 per share there were 180,000 shares of Gibbs outstanding. what net reduction in retained earnings would result from this property dividend?