The balance sheet for Richmond Corp. is shown here in market value terms. There are 12,000 shares of stock outstanding. Market Value Balance Sheet Cash $49,300 Equity $404,300 Fixed assets $355,000 Total $404,300 Total $404,300 The company has declared a dividend of $1.45 per share. The stock goes ex dividend tomorrow. Ignore any tax effects. In the previous problem, suppose the company has announced it is going to repurchase $17,400 worth of stock. Ignore tax effects. a. What effect will this transaction have on the equity of the company? b. How many shares will be outstanding? c. What will the price per share be after the repurchase? d. Show how the share repurchase is effectively the same as a cash dividend.