AEMCPA
Level 1
06-11-2021
02:36 PM
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Since details matter, you should have been more attentive.
I was responding to:
"Okay. In ProSeries, I went to the Basis Info Wks and entered the ending loan balance as "Stock Contribution" and as a "Loan repayment to shareholders" so the ending loan balance on the K-1s will be zero.
On the Balance Sheet, the loan balance is now showing as Additional Paid In Capital. I also still have the negative Retained earnings for the same amount. How do I zero out the Balance Sheet negative Retained Earnings balance?"