Galaxy Industries buys back 312,000 shares of its stock from investors at $57 a share. Two years
Question:
Galaxy Industries buys back 312,000 shares of its stock from investors at $57 a share. Two years later it reissues this stock for $77 a share. The stock reissue would be recorded with a debit to Cash for: $24.02 million and a credit to Treasury Stock for $24.02 million. $24.02 million, a credit to Treasury Stock for $17.78 million, and a credit to Gain on Sale of Treasury Stock for $6.24 million. $24.02 million, a credit to Treasury Stock for $17.78 million, and a credit to Additional Paid-in Capital for $6.24 million. $17.78 million, a debit to Additional Paid-in Capital for $6.24 million, a credit to Treasury Stock for $17.78 million, and a credit to Stockholders' Equity for $6.24 million.
The stock reissue would be recorded with a debit to Cash for?
