Parrish Company declared a property dividend in which it will distribute lots of land held for investment to shareholders. The land has a carrying value of $$500,000$ and a fair value of $$700,000$ as of both the date of declaration and the date of distribution. Which of the following adjustments should be made when recording the declaration of the property dividend?

A$.$ Gain on land is debited for $$200,000$

B$.$ Dividends payable is credited for $$500,000$

C$.$ Retained earnings is debited for $$700,000$

D$.$ Investment in land is credited for $$700,000$