Tuscan Inc. had a retained earnings balance of $96,000 at December 31, 2019. During the year, Tuscan had the following selected transactions.

• Reported net income of $136,000.
• Revised an estimate of a machine's salvage value. Depreciation increased by $4,600 per year.
• An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $48,000 (net of tax benefit).
• Paid cash dividends of $69,000.

Calculate the retained earnings balance at December 31, 2020. (Amounts to be deducted should be indicated with a minus sign.)

Logout Successful X Question 11 - Ch 11: Exercises 20 pt X X - - CA https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252 90% . .. V Ch 11: Exercises 20 pts Saved Help Save & Exit Check my 11 Tuscan Inc. had a retained earnings balance of $96,000 at December 31, 2019. During the year, Tuscan had the following selected transactions. 1.33 points . Reported net income of $136,000. Revised an estimate of a machine's salvage value. Depreciation increased by $4,600 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $48,000 (net of tax benefit). . Paid cash dividends of $69,000. Book Calculate the retained earnings balance at December 31, 2020. (Amounts to be deducted should be indicated with a minus sign.) References TUSCAN INC. Statement of Retained Earnings For Year Ended December 31, 2020 Prior period adjustment Type here to search O 11:47 PM 4/29/2021