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a The January 1 accumulated adjustments account balance is $274,300.

Required: Prepare the 2014 S corporation tax return (Form 1120S), including the following additional schedules and forms: Schedule D, Form 4562, and Schedule K-1.

Optional: (1) Complete Schedule M-2 in Form 1120S even though the company has never been a C corporation. For this purpose, the accumulated adjustments account at the beginning of 2014 is $171,360. (2) Prepare a schedule for each shareholder’s basis in his or her S corporation stock. For this purpose, Bailey’s stock basis at the beginning of 2014 is $1,251,408 and Firth’s is $2,535,952.

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