Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2011 for $90,000. On November 15, 2015, Pierson declared a property dividend of one share of Hunter for every ten shares of Pierson held by a stockholder On that date, when the market price of Hunter was $28 per share, there were 90,000 shares of Pierson outstanding What gain and net reduction in retained earnings would result from this property dividend