Question
1120-S
Form 1120-S, schedule L
Need to make an adjustment to prior year Line 21, schedule L, Form 1120-S, retained earnings. Both prior year Capital Stock and Retained earnings were combined. They need to be separated on line 22 and line 24 on current year. Any idea on how to adjust prior year retained earnings and Capital Stock? QuickBooks is correct, both numbers are combined on prior year tax return.
