Mr. Soda INC issued 12,000 shares of common stock for $22 cash per share on January 1st. Then, on March 31st it repurchased 4,000 of these common shares to hold as treasury stock at $25 per share. The net effect on the financial statements from both transactions includes:

Select one:

a. Assets increase by $264,000

b. Stockholder's equity decreases by $264,000

c. Liabilities increases by $164,000

d. Stockholder's equity increases by $164,000