Q41

Bonita Industries owned 20700 shares of Sandhill Co. purchased in 2017 for $569250. On December 15, 2020, Bonita declared a property dividend of all of its Sandhill Co. shares on the basis of one share of Sandhill for every 10 shares of Bonita common stock held by its stockholders. The property dividend was distributed on January 15, 2021. On the declaration date, the aggregate market price of the Sandhill shares held by Bonita was $892000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of $0. O $569250. O $322750. O $892000