Cyan Corp. issued 20,000 shares of USD5 par common stock at USD10 per share. On December 31, Year 1, Cyan's retained earnings were USD300,000. In March, Year 2, Cyan reacquired 5,000 shares of its common stock at USD20 per share. In June, Year 2, Cyan sold 1,000 of these shares to its corporate officers for USD25 per share. Cyan uses the cost method to record treasury stock. Net income for the year ended December 31, Year 2, was USD60,000. At December 31, Year 2, what amount should Cyan report as retained earnings?
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