Below is information for Sanchez Company: 5/1: Sanchez Company does a 2:1 stock split. Prior to the stock split the company had 1,000,000 shares authorized and 200,000 share issued and outstanding. Par value was $1 before the stock split and market price was $50. 6/1: Sanchez Company buys back 20,000 shares of stock at $30 a share 12/1: Sanchez Company resells 5,000 share of stock (the ones repurchased on 6/1) for $25 a share What is the impact on Sanchez Company's accounting equation for the year (1/1 - 12/31)? Assets-725,000; Liabilities 0; Equity-725,000 None of these answers are correct Assets-600,000: Liabilities 0; Equity -600,000 Assets -475,000: Liabilities 0; Equity -475,000 Assets +600,000; Liabilities 0; Equity +600,000