Exercise 11-16 (Algo) Determining retained earnings balance LO C3 . Tuscan Incorporated had a retained earnings balance of $66,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. Reported net income of $106,000. Cash dividends of $39,000 declared and paid. Tuscan discovered this year that it made a math error three years ago to correct for this $18,000 (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 $1,600 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.) TUSCAN INCORPORATED Statement of Retained Earnings For Current Year Ended December 31 Prior period adjustment