Question: The balance sheet for Sinking Ship Corp. is shown here in market value terms. There are 5,000 shares of stock outstanding. Market Value Balance Sheet

The balance sheet for Sinking Ship Corp. is shown here in market value terms. There are 5,000 shares of stock outstanding.

Market Value Balance Sheet
Cash $ 44,800 Equity $ 464,800
Fixed assets 420,000
Total $ 464,800 Total $ 464,800

Instead of a dividend of $1.70 per share, the company has announced a share repurchase of $8,500 worth of stock.

How many shares will be outstanding after the repurchase?

What will the price per share be after the repurchase?

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