Kurz Manufacturing is currently an$$ all$-$equity firm with $39\mathrm{.}000$ million shares outstanding and a stock price of $ $15\mathrm{.}00$ per share. Although investors currently expect KurzKurz to remain an$$ all$-$equity firm, KurzKurz plans to announce that it will borrow $ $66\mathrm{.}5$ million and use the funds to repurchase shares. KurzKurz will pay interest only on this$$ debt, and it has no further plans to increase or decrease the amount of debt. KurzKurz is subject to a $25\%$

corporate tax rate.

a$.$ What is the market value of KurzKurz$\text{'}$s existing assets before the$$ announcement?

b$.$ What is the market value of KurzKurz$\text{'}$s assets$($including any tax$$ shields$)$ just after the debt is$$ issued, but before the shares are$$ repurchased?

c$.$ What is KurzKurz$\text{'}$s share price just before the share$$ repurchase? How many shares will KurzKurz $$repurchase$?$

d$.$ What are KurzKurz$\text{'}$s market value balance sheet and share price after the share$$ repurchase?