Impact of share buy back on the accounting equation

CFA Level I FRA
#1

Hello all,

If a company buys back shares, internally financed using its own cash, I understand that assets (cash) would go down… and what would balance that in the accounting equation below? Owner’s draws?

Assets = Liabilities + Owner’s Capital + Revenues – Expenses – Owner’s Draws

Thanks!

#2

Withdrawal by owner for personal use.

#3

Thanks!