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Rock Bottom Gold Company recently repurchased 7 million shares of its common stock for $47 per share. The intent of the repurchase was to increase

Rock Bottom Gold Company recently repurchased 7 million shares of its common stock for $47 per share. 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 assets, liabilities, and stockholders' equity. Prepare the journal entry to record the repurchase

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