Fuscan Incorporated had a retained eamings balance of $80,000 at December 31 of the prior year. In the current year. Tuscan reported the following results. - Reported net income of $120,000 - Cash dividends of $53,000 declared and paid. - Tuscan discovered this year that it made a math error three years ago; to correct for this, $32,000 (net of tax) must be added to the cairent year's beginning retained earnings balance. - Revised an estimate of a machine s salvage value. Depreclation increased by $3,000 per year. Calculate the retained camings bolance ot December 31 of the current year. Note: Amounts to be deducted should be indicoted with a minus sign