Boxer Company owned 26,000 shares of King Company that were purchased in 2009 for $380,000. On May 1, 2011, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 43,000 shares of Boxer stock outstanding. The market value of the King stock was $30 per share on the date of declaration and $37 per share on the date of distribution. By how much is retained earnings reduced by the property dividend?