Pronghorn Corporation owned 16300 shares of Harper Corporation's $5 par value common stock. These shares...
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Pronghorn Corporation owned 16300 shares of Harper Corporation's $5 par value common stock. These shares were purchased in 2020 for \$327304. On May 4, 2022, Pronghorn declared a property dividend of one share of Harper for every twenty shares of Pronghorn stock held by a stockholder. On that date, when the market price of Harper was \$34 per share, there were 308000 shares of Pronghorn 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.) $309232$197600$523600$163000
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