Exercise 11-14 Determining retained earnings balance LO C3 Tuscan Inc had a retained earnings balance of $80,000 at December 31, 2018. During the year. Tuscan had the following selected transactions Reported net income of $120,000 Revised an estimate of a machine's salvage value. Depreciation increased by $3.000 per year. . An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $32,000 (net of tax benefit) Paid cash dividends of $53,000 Calculate the retained earnings balance at December 31, 2019. (Amounts to TUSCAN INC. Statement of Retained Earnings For Year Ended December 31, 2019 Prior period adjustment 0 GA 0