Tuscan Incorporated had a retained earnings balance of $88,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. Reported net income of $128,000. Cash dividends of $61,000 declared and paid. Tuscan discovered this year that it made a math error three years ago; to correct for this, $40,000 (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 $3,800 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. Prior period adjustment TUSCAN INCORPORATED Statement of Retained Earnings For Current Year Ended December 31

Tuscan Incorporated had a retained earnings balance of $88,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. - Reported net income of $128,000 - Cash dividends of $61,000 declared and paid. - Tuscan discovered this year that it made a math error three years ago; to correct for this, $40,000 (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 $3,800 per yeari Calculate the retained earnings balance at December 31 of the current year. Note: Amounts to be deducted should be indicated with a minus sign