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What gain and net reduction in retained earnings

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Question - Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2014 for $90,000. On November 15, 2018, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder. On that date, when the market price of Hunter was $14 per share, there were 90,000 shares of Pierson outstanding. What gain and net reduction in retained earnings would result from this property dividend?

Reference no: EM132454051

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