View Policies Current Attempt in Progress Blossom Company owned 35000 shares of Crane Company. These shares were purchased in 2017 for $315000. On November 15, 2021, Blossom declared a property dividend of one share of Crane for every ten shares of Blossom held by a stockholder. On that date, when the market price of Crane was $27 per share, there were 315000 shares of Blossom outstanding. What gain and net reduction in retained earnings would result from this property dividend? Gain Net Reduction in Retained Earnings $0 $283500 $567000 $126000 $567000 $ 283500 $0 $850500