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could someone please help me w this help with this hwk problem? Tuscan incorporated had a retained earnings balance of ( $ 78,000 ) at
could someone please help me w this help with this hwk problem?
Tuscan incorporated had a retained earnings balance of \\( \\$ 78,000 \\) at December 31.2019 . During the year, Tuscan had the following selected transactions. - Reported net income of \\( \\$ 118,000 \\) - Revised an estimate of a machine's salvage value. Depreciation increased by \\( \\$ 2,800 \\) per year. - An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of \\( \\$ 30,000 \\) (net of tax benefit). - Paid cash dividends of \\( \\$ 51,000 \\). Calculate the retained earnings balance at December 31,2020. Note: Amounts to be deducted should be indicated with a minus sign Step by Step Solution
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