The board of directors at Mandy, Inc. declares a property dividend of 2,000 shares of its investment in IRO, lnc.'s preferred stock on January I, 2018. Mandy, Inc. had previously purchased the preferred stock on October 16, 2017 at a cost of $12 per share. On the declaration date, the market value of Mandys' stock was $9 per share and the value of IRO's stock was $10 per share.

On the payment date, Mandy, Inc. will record a:

A. Debit to Retained Earnings of $20,000

B. Credit to Property Dividends Payable of $20,000

C. Credit to Investment in IRO stock of $20,000

D. Debit to Loss on investment of $20,000