Answer:
The number of shares that can be repurchased with $68,000 proceeds from issue of debt instrument is 3,147 shares as calculated below
Step-by-step explanation:
The company's price per share is $21.61 ($388980/18000),hence the number of shares that can be repurchased with $68000 is computed thus:
number of shares to be repurchased=$68000/$21.61
=3146.691347
The number of shares to be repurchased is approximately 3147 shares