2 5 Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2018. During the year, Tuscan had the following selected transactions Reported net income of $100,000 Revised an estimate of a machine's salvage value. Depreciation increased by $1.000 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $12,000 (net of tax benefit). Paid cash dividends of $33,000. Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign TUSCAN INC. Statement of Retained Earings For Year Ended December 31, 2010 Prior period adjustment