Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2019. During the year, Tuscan had the following selected transactions. Calculate the retained earnings balance at December 31, 2020.

• 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.