Tuscan Inc. had a retained earnings balance of $60,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. Calculate the retained earnings balance at December 31 of the current year.

• Reported net income of $100,000.
• Cash dividends of $33,000 declared and paid.
• Tuscan discovered this year that it made a math error three years ago; to correct for this, $12,000 (netmof tax) must be added to the current year’s beginning 
• retained earnings balance.
• Revised an estimate of a machine’s salvage value this year. Depreciation increased by $1,000 per year.