With its stock at an all-time low, the Time Inc. board on Thursday voted after the market closed to accelerate its previously announced $500 million stock buyback and debt reduction program. The plan is to buy back up to $300 million in common stock while trimming up to $200 million in debt. On Thursday, the Time stock sank to a new low of $15.99 before closing at $16 a share, down 3.5 percent. The buyback means Time is preparing to spend the $685 million it received from its recent' sale of the Blue Fin Building that it owns in downtown London. In the Big Apple, the company is in the midst of a move from the Time & Life Building in Rockefeller Center to its new downtown HQ, which it says will save $50 million in real estate costs.

For each action, determine the impact to the five major categories of the balance sheet:

Current Assets		Current Liabilities
Long-Term Assets		Long-Term Liabilities
		Equity

For the Time article, do a table for each of the following actions described:

1. Sale of the London building for $685M
2. Buying back $300M in Common Stock
3. Paying off debt of $200M (assume it is bonds, which is long-term debt)
4. Operating Expenses are reduced by $50M per year, which means Net Income increases by that amount