ances Exercise 11-16 (Algo) Determining retained earnings balance LO C3 Tuscan Incorporated had a retained earnings balance of $92,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. Reported net income of $132,000. . Cash dividends of $65,000 declared and paid. . Tuscan discovered this year that it made a math error three years ago; to correct for this, $44,000 (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 $4,200 per year. Calculate the retained earnings balance at December 31 of the current year. (Amounts to be deducted should be indicated with a minus sign.) Prior period adjustment TUSCAN INCORPORATED Statement of Retained Earnings For Current Year Ended December 31