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Boxer company owned 23000 shares of king company that were

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Boxer Company owned 23,000 shares of King Company that were purchased in 2011 for $370,000. On May 1, 2013, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 42,000 shares of Boxer stock outstanding. The market value of the King stock was $27 per share on the date of declaration and $39 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?

Reference no: EM13575090

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