Ignoring Taxes and Other Imperfections, the Expenditure of $1 Million

Ignoring taxes and other imperfections, the expenditure of $1 million on a stock repurchase:

A) Will not affect the total assets of the firm.
B) Has the same effect on the firm's balance sheet as a special $1 million dividend.
C) Will have less of an effect on the book value of the owner's equity than will a $1 million dividend.
D) Has the same effect on the firm's balance sheet as a reverse stock split.
E) Is treated as a stock dividend for accounting purposes.