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please show calculations thank you. Ivanhoe Company owned 47000 shares of Sheffield Corp.. These shares were purchased in 2014 for $376000. On November 15, 2018,

please show calculations thank you.

Ivanhoe Company owned 47000 shares of Sheffield Corp.. These shares were purchased in 2014 for $376000. On November 15, 2018, Ivanhoe declared a property dividend of one share of Sheffield for every ten shares of Ivanhoe held by a stockholder. On that date, when the market price of Sheffield was $29 per share, there were 376000 shares of Ivanhoe outstanding. What gain and net reduction in retained earnings would result from this property dividend?

Gain

Net Reduction in

Retained Earnings

$789600

$ 300800

$0

$1090400

$789600

$ 112800

$0

$ 300800

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