Michael Co. issued 12,000 shares of common stock for $25 cash per share on January 1st. Then, on March 31st it repurchased 6,000 of these common shares to hold as treasury stock at $23 per share. The net effect on the financial statements from both transactions includes:

Select one:

a. Stockholder's equity decreases by $300,000

b. Liabilities increases by $162,000

c. Stockholder's equity increases by $162,000

d. Assets increase by $300,000