Executive Chalk is financed solely by common stock and has outstanding 32 million shares with a market price of $24 a share. It now announces that it intends to issue $360 million of debt and to use the proceeds to buy back common stock. a. How is the market price of the stock affected by the announcement? b. How many shares can the company buy back with the $360 million of new debt that it issues? (Enter your answer in millions.) c-1. What is the market value of the firm (equity plus debt) after the change in capital structure? (Enter your answer in millions.) c-2. Did the market value of the firm change? d. What is the debt ratio after the change in structure? (Round your answer to 2 decimal places.) e. Who (if anyone) gains or loses? a. b. million million Effect on market price Shares repurchased C-1. Market value c-2. Did the market value of the firm change? d. Debt ratio Who (if anyone) gains or loses? e