Kurz Manufacturing is currently an$$ all$-$equity firm with $39$ million shares outstanding and a stock price of $ $12\mathrm{.}50$ per share. Although investors currently expect Kurz to remain an$$ all$-$equity firm, Kurz plans to announce that it will borrow $ $36$ million and use the funds to repurchase shares. Kurz will pay interest only on this$$ debt, and it has no further plans to increase or decrease the amount of debt. Kurz is subject to a $30\%$ corporate tax rate.

a$.$ What is the market value of$$ Kurz's existing assets before the$$ announcement?

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

c$.$ What is$$ Kurz's share price just before the share$$ repurchase? How many shares will Kurz$$ repurchase?

d$.$ What are$$ Kurz's market value balance sheet and share price after the share$$ repurchase?