Mildred Corporation owned 2,000 shares of Lester Corporation. These shares were purchased in 2010 for $18,000. On October 15, 2014, Mildred declared a property dividend of one share of Lester for every ten shares of Mildred held by a stockholder. On that date, when the market price of Lester was $14 per share, there were 18,000 shares of Mildred outstanding. What gain and net reduction in retained earnings would result from this property dividend?