Cyan Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2017, the retained earnings amounted to P3,000,000. In March 2017, the entity reacquired 50,000 treasury shares at P20 per share. In June 2017, the entity sold 10,000 of these shares to corporate officers for P25 per share. The entity used the cost method to record treasury shares. Net income for the current year was P600,000. 1. What is the total amount of retained earnings at year-end? 2. What amount should be reported as unappropriated retained earnings at year-end?