Exercise 6 after the repurchase? Ignoring tax effects, show how the share repurchase is effectively the same as a cash dividend. \begin{tabular}{|c|c|c|c|c|c|c|} \hline Input Area & & & & & & \\ \hline & & & & \multicolumn{3}{|c|}{ Problem 5} \\ \hline Repurchase & $22,400.00 & & & & Input Area: & \\ \hline Shares Outstanding & 14000 & & & & & \\ \hline Dividend per Share & 1.60 & & & & Shares Outstanding & 14000 \\ \hline & & & & & Divdend per share & 1.60 \\ \hline \multicolumn{4}{|c|}{ Market Value Balance Sheet } & & & \\ \hline Cash & $62,000.00 & Debt & 0 & & \multicolumn{2}{|c|}{ Market Value Sheet } \\ \hline Fixed Assets & $445,000.00 & Equity & $507,000.00 & & Cash & $62,000.00 \\ \hline \multirow[t]{2}{*}{ Total } & $507,000.00 & Total & $507,000.00 & & Fixed Assets & $445,000.00 \\ \hline & & & & & Total & $507,000.00 \\ \hline \multirow[t]{2}{*}{ Output Area } & & & & & Output Area & \\ \hline & & & & & Pice 0 & 36.21 \\ \hline Repurchasing the shares will reduce & & & & & Price X & $34.61 \\ \hline \multicolumn{7}{|l|}{ shareholder's equity by } \\ \hline \multicolumn{7}{|l|}{ Shares bought } \\ \hline New Shares Outstanding & & & & & \multicolumn{2}{|c|}{ Equity and cash accounts will declir } \\ \hline Price After Repurchase & & & & & \multicolumn{2}{|c|}{ Market Value Balance Sheet } \\ \hline New Equity Balance & & & & Debt & Cash & $39,600.00 \\ \hline TheRepurchaseiseffectivelytheSameasthecahsdividendbecauseyoueitherholdashareworth & & & & Equity & Fixed Assets & $445,000.00 \\ \hline or a share worth & & & & & Total & $484,600.00 \\ \hline \end{tabular}