PPP loan forgiveness effect on AAA, OAA, shareholder's basis

[cjoh]

Example: S corporation has 2021 net income of $50,0000 and $100,000 in PPP loan forgiveness in 2021.

My understanding is that the $100,000 is recorded on schedule M-2 as follows:

Line 3 column a $100,000

Line 3 column d $100,000

Line 5 column d ($100,000)

Balance sheet - Retained earnings are increased by $100,000.

Shareholder's basis is increased by net income of $50,000 and $100,000 other tax exempt income and decreased by $100,000 of non deductible expenses.  Is that correct? 

AAA and shareholder basis was the same as of 12/31/21.  Now AAA is $100,000 higher.  I know they don't have to match.

Is the above correct or am I doing something wrong?

Thank you for your help.