Rock Bottom Gold Company recently repurchased 7.01 million shares of its common stock for $48 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:

1. Determine the impact of the stock repurchase on total assets, total liabilities, and total stockholders equity.
2. Prepare the journal entry to record the repurchase.

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

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

Note: Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign.

Total assets
Total liabilities
Total stockholders equity

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

Prepare the journal entry to record the repurchase.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).

Journal entry worksheet

• Record the repurchase of common stock for $48 per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1