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QUESTION 19 Galaxy Industries buys back 300,000 shares of its stock from investors at $45 a share. Two years later it reissues this stock for
QUESTION 19 Galaxy Industries buys back 300,000 shares of its stock from investors at $45 a share. Two years later it reissues this stock for 565 a share. The stock reissue would be recorded with a debit to Cash for: a debit to Cash for $13.50 million, a debit to Additional Paid-in Capital for 56.00 million, a credit to Treasury Stock for $13.50 million, and a credit to Stockholders' Equity for $6,00 million a debit to Cash for $19.50 million, a credit to Treasury Stock for $13.50 million, and a credit to Gain on Sale of Treasury Stock for 56.00 million a debit to Cash for $19.50 million and a credit to Treasury Stock for $19.50 million a debit to Cash for $19.50 million, a credit to Treasury Stock for $13.50 million, and a credit to Additional Paid-in Capital for 56.00 million some other combination of accounts
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