Question - "Winger Corporation owned 900,000 shares of Fegan Corporation stock. On December 31, 2010, when Winger's account "Investment in Common Stock of Fegan Corporation" had a carrying value of $5 per share, Winger distributed these shares to its stockholders as a dividend. Winger originally paid $8 for each share. Fegan has 3,000,000 shares issued and outstanding, which are traded on a national stock exchange. The quoted market price for a Fegan share was $7 on the declaration date and $9 on the distribution date.
What would be the reduction in Winger's stockholders' equity as a result of the above transactions?"