Melvern's Corporation has an investment in 20,000 shares of Wallace Company common stock with a cost of $872,000. These shares are used in a property dividend to stockholders of Melvern's. The property dividend is declared on May 25 and scheduled to be distributed on July 31 to stockholders of record on June 15 . The fair value per share of Wallace stock is $63 on May 25,$66 on June 15 , and $68 on July 31. By how much retained earnings would be debited on the dividend declaration date? $1,360,000 $1,320,000 $1,260,000 $872,000