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The balance sheet for Pie Crust, Inc., is shown here in marketvalue terms. There are 15,000 shares of stock outstanding.Market Value Balance Sheet Cash$140,000 Fixed assets470,000 Equity$610,000 Total $610,000 Total$610,000 In lieu of a dividend of $1.20, the company has announced it isgoing to repurchase $18,000 worth of stock instead of paying adividend.Requirement 1:What effect will this transaction have on theequity of the firm? (Do not roundintermediate calculations. Input the amount aspositive value.) Will (Click to select)reduceincrease shareholders’equity by $Requirement 2:How many shares will be outstanding after the repurchase?(Do not round intermediatecalculations.Round your answer to the nearestwhole number (e.g., 32).) New shares outstanding Requirement 3:What will the price per share be after the repurchase?(Do not round intermediatecalculations. Round your answer to 2 decimalplaces (e.g., 32.16).) Share price$ Requirement 4:Is the share repurchase effectively the same as acash dividend?