Galaxy Industries buys back 302,000 shares of its stock from investors at $47 a share. Two years later it reissues this stock for $67 a share. The stock reissue would be recorded with a debit to Cash for: Multiple Choice $20.23 million and a credit to Treasury Stock for $20.23 million. $14.19 million, a debit to Additional Paid-in Capital for $6.04 million, a credit to Treasury Stock for $14.19 million, and a credit to Stockholders' Equity for $6.04 million. $20.23 million, a credit to Treasury Stock for $14.19 million, and a credit to Additional Paid-in Capital for $6.04 million. $20.23 million, a credit to Treasury Stock for $14.19 million, and a credit to Gain on Sale of Treasury Stock for $6.04 million.

Galaxy Industries buys back 302,000 shares of its stock from investors at $47 a share. Two years later it reissues this stock for $67 a share. The stock reissue would be recorded with a debit to Cash for: Multiple Choice $20.23 million and a credit to Treasury Stock for $20.23 million. $14.19 million, a debit to Additional Paid-in Capital for $6.04 million, a credit to Treasury Stock for $14.19 million, and a credit to Stockholders' Equity for $6.04 million. $20.23 million, a credit to Treasury Stock for $14.19 million, and a credit to Additional Paid-in Capital for $6.04 million. $20.23 million, a credit to Treasury Stock for $14.19 million, and a credit to Gain on Sale of Treasury Stock for $6.04 million.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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