Nikul The balance sheet for Quinn Corporation is shown here in market value terms. There are 29,000 shares of stock outstanding.CashFixed assetsTotalMarket Value Balance Sheet$ 136,000499,970$ 635,970EquityTotal$ 635,970$ 635,970The compay has announced it is going to repurchase $46,400 worth of stock instead of paying a dividend of $1.60.a. What effect will this transaction have on the equity of the firm?Note: Input the answer as positive value. Do not round intermediate calculations and round your answer to the nearestwhole number, e.g., 32.a. The transaction willb. New shares outstandingc. Share priceb. How many shares will be outstanding after the repurchase?Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.c. What will the price per share be after the repurchase?Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.shareholders' equity by

Total equity = $635,970Repurchased stock worth = $46,400Number of outstanding shares = 29,000

Answered: The balance sheet for Quinn Corporation…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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