Inc. had a retained earnings balance of $60,000 at December 31, 2018. During the year, Tuscan had the following selected transactions.

• Reported net income of $100,000.
• Revised an estimate of a machines salvage value. Depreciation increased by $1,000 per year.
• An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $12,000 (net of tax benefit).
• Paid cash dividends of $33,000.

Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign.)