Tuscan Inc. had a retained earnings balance of $80,000 at December 31, 2018. During the year, Tuscan had the following selected transactions. Reported net income of $120,000. Revised an estimate of a machine's salvage value. Depreciation increased by $3,000 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $32,000 (net of tax benefit). Paid cash dividends of $53,000. Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign.) TUSCAN INC. $ 80,000 Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, Dec. 31, 2019 Prior period adjustment Retained earnings, Dec. 31, 2018, as previously reported Retained earnings, Dec. 31, 2018, as adjusted Add: Net income Less: Cash dividends 32,000 112,000 120,000 53,000 285,000 $ Tuscan Inc. had a retained earnings balance of $80,000 at December 31, 2018. During the year, Tuscan had the following selected transactions. Reported net income of $120,000. Revised an estimate of a machine's salvage value. Depreciation increased by $3,000 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $32,000 (net of tax benefit). Paid cash dividends of $53,000. Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign.) TUSCAN INC. $ 80,000 Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, Dec. 31, 2019 Prior period adjustment Retained earnings, Dec. 31, 2018, as previously reported Retained earnings, Dec. 31, 2018, as adjusted Add: Net income Less: Cash dividends 32,000 112,000 120,000 53,000 285,000 $