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5 You currently own 1,100 shares of JKL, Inc. JKL is currently an all equity that has 900,000 shares of stock outstanding at a market price of $40 a share. The company's earnings before interest and taxes are $7,200,000. JKL recently decided to issue $3,600,000 of debt at 9 percent interest. This debt will be used to repurchase shares of stock. Ignore taxes and answer the following two questions: 8 points Part A: What is JKL's target debt to asset ratio? % Part B: How many shares of JKL stock must you sell to undo the leverage? Assume that you can loan out those funds at 9 percent interest. eBook Print References 5 You currently own 1,100 shares of JKL, Inc. JKL is currently an all equity that has 900,000 shares of stock outstanding at a market price of $40 a share. The company's earnings before interest and taxes are $7,200,000. JKL recently decided to issue $3,600,000 of debt at 9 percent interest. This debt will be used to repurchase shares of stock. Ignore taxes and answer the following two questions: 8 points Part A: What is JKL's target debt to asset ratio? % Part B: How many shares of JKL stock must you sell to undo the leverage? Assume that you can loan out those funds at 9 percent interest. eBook Print References