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On July 1, Larkspur Industries purchases 580 of its HK$40 par value ordinary shares for the treasury at a cash price of HK$88 per share.

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On July 1, Larkspur Industries purchases 580 of its HK$40 par value ordinary shares for the treasury at a cash price of HK$88 per share. On September 1, it sells 250 treasury shares for cash at HK$96 per share. Journalize the two treasury share transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

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