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Use the following information to answer the question below. The following transactions involving Lupine Corporation occurred during the year:
Apr) 1 Purchased 2,000 shares of its own preferred stock for $20, the current market price. This is the first transaction involving its own stock engaged in by the company.
May 3 Sold 400 of the shares purchased on April 1 for $25 per share.
June 5 Retired 600 of the shares purchased on April 1. The original issue price was $10. The par value of the stock is $5.
The entry to record the April 1 transaction is : Use the following information to answer the question below. The following transactions involving Lupine Corporation occurred during the year: Apr) 1 Purchased 2,000 shares of its own preferred stock for $20, the current market price. This is the first transaction involving its own stock engaged in by the company. May 3 Sold 400 of the shares purchased on April 1 for $25 per share. June 5 Retired 600 of the shares purchased on April 1. The original issue price was $10. The par value of the stock is $5. The entry to record the April 1 transaction is :

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