Epsilon is an all-equity firm with 10 million shares outstanding, which are currently trading for $20 per share. The firm has $20 million in cash. Last month, the company announced that it will repurchase $100 million of existing shares of stock financed by borrowing $80 million from a bank and by using $20 million in cash that the firm already has. The transaction is scheduled to occur today. In perfect capital markets,

a. What is the market value balance sheet for Epsilon

i. Before this transaction?

ii. After the new securities are issued but before the share repurchase?

iii. After the share repurchase?