Problem 14-8 Share Repurchase [LO 4] The balance sheet for Price Cut Inc. i

Problem 14-8 Share Repurchase [LO 4]

The balance sheet for Price Cut Inc. is shown here in market value terms. There are 26000 shares of stock outstanding.

In lieu of a dividend of $1.30 the company has announced it is going to repurchase $33800 worth of stock instead of paying a dividend.
(Click to select) increase reduce shareholders%u2019 equity by $

How many shares will be outstanding after the repurchase? (Round your answer to the nearest whole number
(e.g. 32).)

What will the price per share be after the repurchase? (Do not include the dollar sign ($). Round your
answer to 2 decimal places (e.g. 32.16).)