Tuscan Incorporated had a retained earnings balance of $96,000 at December 31 of the prior year. In the current year, Tuscan reported the following results.

Reported net income of $136,000.

Cash dividends of $69,000 declared and paid.

Tuscan discovered this year that it made a math error three years ago; to correct for this, $48,000 (net of tax) must be added to the current years beginning retained earnings balance.

Revised an estimate of a machines salvage value. Depreciation increased by $4,600 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.