Tuscan Inc. had a retained earnings balance of $98,000 at December 31, 2019. During the year, Tuscan had the following selected transactions. . Reported net income of $138,000. Revised an estimate of a machine's salvage value. Depreciation increased by $4.800 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $50,000 (net of tax benefit). Paid cash dividends of $71,000. Calculate the retained earnings balance at December 31, 2020. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. 98,000 TUSCAN INC. Statement of Retained Earnings For Year Ended December 31, 2020 Retained earnings, Dec. 31, 2019, as previously reported Prior period adjustment Building cost incorrectly expensed (net of tax) Owner's capital Add: Net income Less: Cash dividends Retained earnings, Dec. 31, 2020 98,000 Blololla $ 98,000