Tuscan Incorporated had a retained earnings balance of $$62,000$ at December $31$ of the prior year. In the current year, Tuscan

reported the following results.

Reported net income of $$102,000.$

Cash dividends of $$35,000$ declared and paid.

Tuscan discovered this year that it made a math error three years ago; to correct for this, $$14,000($net of tax$)$ must be added to

the current year's beginning retained earnings balance.

Revised an estimate of a machine's salvage value. Depreciation increased by $$1,200$ 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.