Rock Bottom Gold Company recently repurchased 7.08 million shares of its common stock for $55 per share. 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 assets, liabilities, and stockholders' equity. (Negative amounts should be indicated by a minus sign. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).)

2. Prepare the journal entry to record the repurchase. (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).)