Business & farm

Thank you. Not sure I understand this part. "However, you need to determine where the distributions ended up on your prior year balance sheet as listed on schedule L and offset the adjustment to retained earnings with a change to that account. In other words, do you have a liability or equity account on your prior year balance sheet where the distributions were entered?"

 

The distributions are in "Shareholder Withdrawals" and Contributions in "Shareholder Contributions."