Please show detailed calculations

Boxer Company owned 21.000 shares of KIng Company that were purchased In 2014 for $370,000. On May 1, 2016, Boxer declared a property dlvldend of 1 share of KIng for every 10 shares of Boxer stock. On that date, there were 54,000 shares of Boxer stock outstanding. The market value of the Klng stock was $25 per share on the date of declaratlon and $37 per share on the date of distributlon. By how much ls retalned earnings reduced by the property dividend