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What the consequence of the transaction would be to

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Problem 1: On January 1, 2013, Mehrzad Co. Issued 10,000 shares of $1 par stock for total proceeds of $50,000. On October 31, 2013 Mehrzad recorded a stock dividend of 10% when the market price of the stock was $8/share. On December 1, 2013, Mehrzad bought 4,000 shares at a price of $7/share. The consequence of this transaction would be to:

Option 1: None of the above Increase cash by $28,000

Option 2: Increase Retained earnings by $28,000

Option 3: Change shares outstanding to 7,000 shares

Option 4: Reduce Additional Paid-in Capital by $28,000

Reference no: EM132760904

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