On January 1, 2020, M. Jordan Corporation issued 20,000 shares of $1 par value common stock at $50 per share. On January 15, 2020, M. Jordan purchased 50 shares of its own common stock at $55 per share. On March 1, 2020, 20 of the treasury shares were resold at $58. The balance in retained earnings was $25,000 prior to these transactions.

Record the entry on January 15, 2020, for purchase of common shares for the treasury. What is the impact on stockholders equity of this transaction?