Tuscan Inc. had a retained earnings balance of $72,000 at December 31, 2019. During the year, Tuscan had the following selected transactions . Reported net income of $112,000 . Revised an estimate of a machine's salvage value. Depreciation Increased by $2,200 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $24,000 (net of tax benefit). Paid cash dividends of $45,000. Calculate the retained earnings balance at December 31, 2020. (Amounts to be deducted should be indicated with a minus sign.) TUSCAN INC. Statement of Retained Earnings For Year Ended December 31, 2020 Prior period adjustment