Rock Bottom Gold Company recently repurchased $7\mathrm{.}20$ million shares of its common stock for $$49$ per share and is holding the shares as treasury stock. The intent of the repurchase was to increase earnings per share to be more in line with competitors.

Required:

Determine the impact of the stock repurchase on total assets, total liabilities, and total stockholders$$ equity.

Prepare the journal entry to record the repurchase.