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On December 1, Year 4, Nilo Corp. declared a property dividend to be distributed on December 31, Year 4, to shareholders of record on December 15, Year 4. On December 1, Year 4, the property to be transferred had a carrying amount of $60,000 and a fair value of $78,000. What is the effect of this property dividend on Nilo's Year 4 retained earnings, after all nominal accounts are closed?
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