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Tuscan Incorporated had a retained earnings balance of $64,000 at December 31 of the prior year. In the current year, Tuscan eported the following results.

image text in transcribedimage text in transcribed Tuscan Incorporated had a retained earnings balance of $64,000 at December 31 of the prior year. In the current year, Tuscan eported the following results. - Reported net income of $104,000. - Cash dividends of $37,000 declared and paid. - Tuscan discovered this year that it made a math error three years ago; to correct for this, $16,000 (net of tax) must be added the current year's beginning retained earnings balance. - Revised an estimate of a machine's salvage value. Depreciation increased by $1,400 per year. Note: Amounts to be deducted should be indicated with a minus sign

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