Multiple Choice Question 91 Pharoah Company owned 47500 shares of Waterway Industries. These shares were purchased in 2014 for $332500. On November 15, 2018, Pharoah a property dividend of one share of Waterway for every ten shares of Pharoah held by a stockholder. On that date, when the market price of $28 per share, there were 332500 Waterway was shares of Pharoah outstanding. What gain and net reduction in retained earnings would result from this property dividend Net Reduction in Retained Earnings Gain 232750 66500 232750 $931000 $698250 $698250 $0 $0