Question: TJs has a market value equal to its book value. Currently, the firm has excess cash of $389,000, other assets of $911,674, and equity of

TJs has a market value equal to its book value. Currently, the firm has excess cash of $389,000, other assets of $911,674, and equity of $886,200. The firm has 60,000 shares of stock outstanding and net income of $984,800. Management has decided to spend 20 percent of the firms excess cash on a repurchase program. How many shares of stock will be outstanding after the stock repurchase is completed?

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