MC Qu. 11-78 Galaxy Industries buys back... Galaxy Industries buys back 309,000 shares of its stock from investors at $54 a share. Two years later it reissues this stock for $74 a share. The stock reissue would be recorded with a debit to Cash for: Multiple Choice O $22.87 million and a credit to Treasury Stock for $22.87 million O $16.69 million, a debit to Additional Paid-in Capital for $6.18 million, a credit to Treasury Stock for $16.69 milion, and a credit to Stockholders' Equity for $6.18 million O $22.87 milion, a credit to Treasury Stock for $16.69 million, and a credit to Additional Paid-in Capital for $6.18 million O $22.87 million, credit to Treasury Stock for $16.69 million, and a credit to Gain on sale of Treasury Stock for $6.18 million