Ringer Corporation owned 300,000 shares of Segan Corporation stock. On December 31, 2015, when Ringer's account Equity Investments (Segan Corporation) had a carrying value of $5 per share, Ringer distributed these shares to its stockholders as a dividend. Ringer originally paid $8 for each share. Segan has 2,000,000 shares issued and outstanding, which are traded on a national stock exchange. The quoted market price for a Segan share was $7 on the declaration date. What would be the reduction in Ringer's stockholders' equity as a result of the above transactions?

$1,200,000.

$1,500,000.

$2,400,000.

$2,100,000.

$3,000,000