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Determine the impact of the stock repurchase on assets

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Reference no: EM133108201

Question - Rock Bottom Gold Company recently repurchased 7.09 million shares of its common stock for $56 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.

Reference no: EM133108201

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