Monty Corporation owned 16000 shares of Harper Corporation's $5 par value common stock. These shares were purchased in 2020 for $343040. On May 4, 2022, Monty declared a property dividend of one share of Harper for every twenty shares of Monty stock held by a stockholder. On that date, when the market price of Harper was $34 per share, there were 305000 shares of Monty outstanding. What net reduction in retained earnings would result from this property dividend? (Round intermediate calculations of cross rate to 2 decimal placeseg. 15.25.) $198500$326960$160000$518500