Galaxy Industries buys back 310,000 shares of its stock from investors at $55 a share. Two years later it reissues this stock for $75 a share. The stock reissue would be recorded with a debit to Cash for Multple Choice $23.25 million and a credit to Treasury Stock for $23.25 million $1705 million, a debit to Additional Paid-in Capital for $6.20 million, a credt to Treasury Stock for $1705 millin, and a credit to Stockholders Equity for $6.20 million $6.20 million, a credit to Treasury Stock for $1705 million $23.25 million, a credit to Treasury Stock for $1705 million, and a credit to Additional Paid-in Capital for $6.20 million. $23.25 million, a credit to Treasury Stock for $1705 million, and a credit to Gain on Sale of Treasury Stock for $6.20 million