Tuscan Inc. had a retained earnings balance of $90,000 at December 31, 2018. During the year, Tuscan had the following selected transactions. Reported net income of $130,000. Revised an estimate of a machine’s salvage value. Depreciation increased by $4,000 per year. An error was discovered. Three years ago, a purchase of a building was incorrectly expensed. The effect is understated retained earnings of $42,000 (net of tax benefit). Paid cash dividends of $63,000. Calculate the retained earnings balance at December 31, 2019. (Amounts to be deducted should be indicated with a minus sign.)
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Business, 22.06.2019 11:00
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Business, 22.06.2019 20:00
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Business, 22.06.2019 20:10
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Tuscan Inc. had a retained earnings balance of $90,000 at December 31, 2018. During the year, Tuscan...
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