Recognizing economic events Event Discuss what (if anything) should be recognized in the 12/31/2017 financial statements. Include in your discussion the relevant GAAP concept(s). On October 16, 2017, Mune Company purchased back its own stock. It recorded $1,000,000 as treasury stock on its balance sheet. As of December 31, 2017, (Mune's year-end for financial reporting purposes), the company's stock price is 15% more than it was in October. Recognizing economic events Event Discuss what (if anything) should be recognized in the 12/31/2017 financial statements. Include in your discussion the relevant GAAP concept(s). On October 16, 2017, Mune Company purchased back its own stock. It recorded $1,000,000 as treasury stock on its balance sheet. As of December 31, 2017, (Mune's year-end for financial reporting purposes), the company's stock price is 15% more than it was in October