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The Bethlehem Inn is an all-equity firm with 18,000 shares of outstanding at a value per share of $14.50. The firm is issuing $50,000 of

The Bethlehem Inn is an all-equity firm with 18,000 shares of outstanding at a value per share of $14.50. The firm is issuing $50,000 of debt and using the proceeds to reduce the number of outstanding shares. How many shares of stock will be outstanding once the debt is issued? Ignore taxes.

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