This question pertains to help with TurboTax, not accounting issues.
We formed a new company in 2019 and acquired another business. I completed Form 8594, where I recorded the breakdown of assets by class and goodwill impairment, and entered P&L data in TurboTax. However, I cannot figure out:
1. How to enter opening balances, including cash, inventory, etc.
2. How the numbers from Form 8594 flows into Balance sheet.
I will highly appreciate the help and guidance. Again, my questions pertain to how to do it TurboTax, not accounting issues. Thanks in advance.
