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On December 1, year 1, Nilo Corp. declared a property dividend of marketable securities to be distributed on December 31, year 1, to stockholders of record on December 15, year 1. On December 1, year 1, the trading securities 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 1 retained earnings, after all nominal accounts are closed?