Question $8$

$2$ pts

Kaur Industries owned investment securities with a book value of $$21$ million on August $12.$ At that time, Kaur's board of directors declared a property dividend consisting of these securities$.$ The fair value of the securities was as follows:

Declaration $--.-$ August $12$

$$29$ million

Date of record $---$ September $1$

$32$ million

Distribution date $-.-$ September $20$

$34$ million

By how much is total stockholder' equity reduced by the property dividend?

$$34$ million

$$32$ million

$$21$ million

$$28$ million