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Tuscan incorporated had a retained earnings balance of $60,000 at December 31 of the prior year, In the current year, Tuscan reported the following results. - Reported net income of $100,000 - Cash dividends of $33,000 declared and paid. - Tuscan discovered this year that it made a math error three years ago; to correct for this, $12,000 (net of tax) must be added to the current year's beginning retained earnings balance - Revised an estimate of a machine's salvage value. Depreciation increased by $1,000 per year. Calculate the retained earnings balance at December 31 of the current year Note: Amounts to be deducted should be indicated with a minus sign. Prepare a statement of retained earnings for Tidal Company for the current year ended December 31 using the following data. Note: Amounts to be deducted should be indicated by a minus sign. Cash dividends declared and paid in current year Retained earnings ot Deceaber 31, prior yeor $8,000 60,000 33,000 Net Incone in current year