Assume a Firm Has a Market Value Equal to Its

Multiple Choice

Assume a firm has a market value equal to its book value,excess cash of $900,other assets of $16,500,and equity valued at $17,400.The firm has 1,200 shares of stock outstanding and net income of $15,400.If the firm spends all of its excess cash on share repurchases,how many shares will be outstanding after the repurchases are completed? (Round your answer up to the nearest whole share)

A) 1,148 shares
B) 1,135 shares
C) 1,138 shares
D) 1,164 shares
E) 1,142 shares