Sandstone Company has the following stockholders' equity section:

Common Stock, 500,000 shares authorized: 400,000 shares issued and outstanding $700,000 Additional Paid-in Capital $4,900,000 Retained Earnigns $7,300,000

--------------------------------------------------------------------------------------------- Total Stockholders Earnigns $12,900,000

What is the journal entry to be made by Sandstone Company if the company purchases and retires 15,000 shares of its own common stock when the market price of the stock is $20 per share?