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Jumper Company purchases 185,000 shares of treasury stock for $17 per share. 1. How will this transaction affect stockholders' equity? If there is no effect,

Jumper Company purchases 185,000 shares of treasury stock for $17 per share.

1. How will this transaction affect stockholders' equity? If there is no effect, choose "No effect" and enter zero ("0").

2. How will this transaction affect net income? If there is no effect, choose "No effect" and enter zero ("0").

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