cyan corp. issued 20,000 shares of $5 par common stock at $10 per share. on december 31 of the previous year, cyan's retained earnings were $300,000. in march of the current year, cyan reacquired 5,000 shares of its common stock at $20 per share. in june of the current year, cyan sold 1,000 of these shares to its corporate officers for $25 per share. cyan uses the cost method to record treasury stock. net income for the current year ended december 31 was $60,000. at december 31 of the current year, what amount should cyan report as retained earnings?