The market value balance sheet for Briggs Manufacturing is shown here. The company has declared a 25 percent stock dividend. The stock goes ex dividend tomorrow (the chronology for a stock dividend is similar to that for a cash dividend). There are 25,000 shares of stock outstanding.

Market Value Balance Sheet
Cash	$	173,000		Debt	$	393,000
Fixed assets		1,170,000		Equity		950,000
Total	$	1,343,000		Total	$	1,343,000

The balance sheet for Tempest, Inc., is shown here in market value terms. There are 30,000 shares of stock outstanding. Cash Fixed assets Market Value Balance Sheet $ 136,000 534,800 Equity $670,800 Total $670,800 Total $670,800 The compay has announced it is going to repurchase $36,000 worth of stock instead of paying a dividend of $1.20. a. What effect will this transaction have on the equity of the firm? (Input the answer as positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. How many shares will be outstanding after the repurchase? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What will the price per share be after the repurchase? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. The transaction will shareholders' equity by b. New shares outstanding Share price C