Jessie Corporation owned 16500 shares of Cookie Corporation's $5 par value common stock. These shares were purchased in 2020 for $327525. On May 4, 2022, Jessie declared a property dividend of one share of Cookie for every twenty shares of Jessie stock held by a stockholder. On that date, when the market price of Cookie was $36 per share, there were 282000 shares of Jessie outstanding. What net reduction in retained earnings would result from this property dividend? (Round intermediate calculations of cross rate to 2 decimal places e.g. 15.25)