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Exerclse 11-17 (Algo) Determining retalned earnings balance LO C3 Tuscan Incorporated had a retained earnings balance of $100,000 at December 31,2019 . During the year,
Exerclse 11-17 (Algo) Determining retalned earnings balance LO C3 Tuscan Incorporated had a retained earnings balance of $100,000 at December 31,2019 . During the year, Tuscan had the following selected transactions - Reported net income of $140,000 - Revised an estimate of a machine's salvage value. Depreciation increased by $5,000 per year - An error was discovered. Three years ago, a purchase of a bullding was incorrectly expensed. The effect is understated retained earnings of $52,000 (net of tax benefit) - Paid cash dividends of $73,000. Calculate the retained earnings balance at December 31,2020 . Note: Amounts to be deducted should be Indleated with o minus sign
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