Question: Rock Bottom Gold Company recently repurchased 7 million shares of its common stock for $47 per share. The intent of the repurchase was to increase

Rock Bottom Gold Company recently repurchased 7 million shares of its for $47 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors.
Required:
1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity.
2. Prepare the journal entry to record the repurchase.
3. How will this transaction affect the cash flow statement?

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