X C Question 23 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 8% when the market price of the stock was $12/share. The consequence of this transaction would be: O No effect on the account additional paid-in capital O Increase shares outstanding by $9,600 Reduce retained earnings by $9,600 and increase Paid-in-Capital in excess of par by $8,800 O No effect on the account common stock O Reduce Retained earnings by $6.400 and increase common stock at Par by $5,000 1 pts.