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Category > Business & Finance Posted 10 Dec 2017 My Price 10.00

what amount should Cyan report as retained earnings?

Cyan Corp. issued 20,000 shares of $5 par common stock at $10 per share. OnDecember 31, year 1, Cyan’s retained earnings were $300,000. In March year 2, Cyan reacquired 5,000 shares of its common stock at $20 per share. In June year 2, 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 year ended December 31, year 2, was $60,000. At December 31, year 2, what amount should Cyan report as retained earnings?

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CourseLover
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Status NEW Posted 10 Dec 2017 03:12 PM My Price 10.00

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