Sheffield Corp. owned 19000 shares of Pharoah Company purchased in 2017 for $522500. On December 15, 2020, Sheffield declared a property dividend of all of its Pharoah Company shares on the basis of one share of Pharoah for every 10 shares of Sheffield 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 Pharoah shares held by Sheffield was $897000. The entry to record the declaration of the dividend would include a debit to Retained Earnings of $0. $897000. $522500. $374500. Click if you would like to Show Work for this question: Open Show Work