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Calculate the retained earnings balance at december

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Question - Tuscan Inc. had a retained earnings balance of $74,000 at December 31, 2018. During the year, Tuscan had the following selected transactions.

Reported net income of $114,000.

Revised an estimate of a machine's salvage value. Depreciation Increased by $2,400 per year.

An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $26,000 (net of tax benefit).

Paid cash dividends of $47,000.

Required - Calculate the retained earnings balance at December 31, 2019.

Reference no: EM133170971

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