The balance sheet for Pie Crust, Inc., is shown here in market value terms. There are 29,000 shares of stock outstanding. Market Value Balance Sheet Cash $156,000 Fixed assets 560,010 Equity $716,010 Total $716,010 Total $716,010 In lieu of a dividend of $1.70, the company has announced it is going to repurchase $49,300 worth of stock instead of paying a dividend.

Requirement 1: What effect will this transaction have on the equity of the firm? (Do not round intermediate calculations. Input the amount as positive value.) Will shareholders (Reduce or Increase?) equity by $________?

Requirement 2: How many shares will be outstanding after the repurchase? (Do not round intermediate calculations. Round your answer to the nearest whole number (e.g., 32).) New shares outstanding _____________?

Requirement 3: What will the price per share be after the repurchase? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Share price $__________?

Requirement 4: Is the share repurchase effectively the same as a cash dividend? Yes or No?