Question: please explain the math behind this because im kinda confused 2. Boxer Company owned 20,000 shares of King Company that were purchased in 2020 for

please explain the math behind this because im kinda confused

2. Boxer Company owned 20,000 shares of King Company that were purchased in 2020 for $500,000. On May 1, 2022, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 50,000 shares of Boxer stock outstanding. The market Price of the King stock was $30 per share on the date of declaration and $32 per share on the date of distribution. By how much is retained earnings reduced by the property dividend? a. $0. b. $150,000 c. $160,000 d. $300,000

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