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On December 1, 2013 Nilo Corp declared a property dividend to be distributed on December 31, 2013. On December 1, 2013, the property to be

On December 1, 2013 Nilo Corp declared a property dividend to be distributed on December 31, 2013. On December 1, 2013, the property to be transferred had a carrying amout of $60,000 and a fair value of $78,000. What is the effect of this property dividend on Nilos retained earnings after all nominal accounts are closed?

A. $0

B. $18,000 increase

C. $60,000 decrease

D. $78,000 decrease

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