Oriole Ltd. owns 150300 shares of Pharoah Ltd. common shares, which are being accounting for by the equity method. On December 15, 2023, when Oriole's "Investment in Common Shares of Pharoah Ltd." account has a carrying value of $7.20 per share, Oriole declares all these shares to its shareholders as a property dividend, to be distributed on December 31, 2023. Oriole had originally paid $11 for each share. Pharoah has 1503000 shares issued and outstanding, for which the quoted market price was $10.80 per share on the declaration date and $13.40 per share on the distribution date. Ignoring income taxes, what would be the reduction in Oriole's shareholders' equity as a result of the above transactions? O $961920 O $1112220 O $1623240 O $1082160