Tuscan Incorporated had a retained earnings balance of $60,000 at December 31,2019 . During the year, Tuscan had the following selected transactions. - Reported net income of $100,000. - Revised an estimate of a machine's salvage value. Depreciation increased by $1,000 per year. - An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $12,000 (net of tax benefit). - Paid cash dividends of $33,000. Calculate the retained earnings balance at December 31, 2020. Note: Amounts to be deducted should be indicated with a minus sign. Building cost incorrectly expensed (net of tax) Owner's capital Retained earnings, December 31, 2019, as adjusted Retained earnings, December 31,2019 , as previously reported Retained earnings, December 31, 2020 Add: Cash dividends Less: Cash dividends