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). Pald 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 complete but not entirely correct. TUSCAN INC. Statement of Retained Earnings For Year Ended December 31, 2020 Retained earnings, Dec. 31, 2019, as previously reported $ 98,000 Prior period adjustment Building cost incorrectly expensed (net of tax) 50,000 Retained earnings, Dec. 31, 2019, as adjusted 148,000 Add: Net Income 138,000 Less: Cash dividends 71,000 Retained earnings, Dec. 31, 2020 $ 357,000