On june 1 mason company issued 8000 shares of its 10 par, Ask an Expert

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On June 1, Mason Company issued 8,000 shares of its $10 par common stock to Dixon for a tract of land. The stock had a fair market value of $18 per share on this date. On Dixon's last property tax bill, the land was assessed at $96,000. Mason should record an increase in Additional Paid-In Capital of:

a. $96,000.

b. $64,000.c. $40,000.

d. 16,000

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