Stock repurchase Harte Textiles, Inc., a maker of custom upholstery fabrics, is concerned about preserving the wealth of its stockholders during a cyclic downturn in the home furnishings business. The company has maintained a constant dividend payout of $1.00 tied to a target payout ratio of 40%. Management is preparing a share repurchase recommendation to present to the firm's board of directors. The following data have been gathered from the last two years: a. How many shares should the company have outstanding in 2019 if its earnings available for common stockholders in that year are $1,600,000 and it pays a dividend of $1.00, given that its desired payout ratio is 40% ? b. How many shares would Harte have to repurchase to have the level of shares outstanding calculated in part a? Data table (Click on the icon nere b in order to copy the contents or the data tadie delow into a spreadsheet.)