Exercise 11-17 (Algo) Determining retained earnings balance LO C3 Tuscan Incorporated had a retained earnings balance of $98,000 at December 31, 2019. During the year, Tuscan had the following selected transactions. Reported net income of $138,000. Revised an estimate of a machines salvage value. Depreciation increased by $4,800 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $50,000 (net of tax benefit). Paid cash dividends of $71,000. Calculate the retained earnings balance at December 31, 2020. Note: Amounts to be deducted should be indicated with a minus sign