Tuscan Incorporated had a retained earnings balance of $$60,000$ at December $31$ of the prior year. In the current year, Tuscan reported the following results.

Reported net Income of $$100,000.$

Cash dividends of $$33,000$ declared and pald.

Tuscan discovered this year that It made a math error three years ago; to correct for this, $$12,000($net of tax$)$ must be added to the current year's beginning retained earnings balance.

Revised an estimate of a machine's salvage value. Depreciation increased by $$1,000$ per year.

Calculate the retained earnings balance at December $31$ of the current year.

Note: Amounts to be deducted should be Indicated with a minus sign.

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