Gibbs corporation owned 20,000 shares of Oliver corporations $5 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 Gibbs held by a stockholder. On that date when the market price of Oliver was $35 per share , there were 180,000 shares of Gibbs outstanding. What net reduction in retained earnings would result from this property dividend?