Exercise $11-17($Algo$)$ Determining retained earnings balance LO C$3$

Tuscan Incorporated had a retained earnings balance of $$68,000$ at December $31,2019.$ During the year, Tuscan had the following selected transactions.

Reported net income of $$108,000.$

Revised an estimate of a machine$$s salvage value. Depreciation increased by $$1,800$ per year.

An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $$20,000($net of tax benefit$).$

Paid cash dividends of $$41,000.$

Calculate the retained earnings balance at December $31,2020.$