Have you reviewed any C Corp materials? You stated this:

"the owner contributed $63,630.24 of their personal funds and took a distribution of $40,085.66. I have managed to get the Balance Sheet to balance."

What you didn't do is answer the question as to values are plugged in as what account names for the Balance Sheet? Additional Paid in Capital, Loan to the Corporation as a note payable to the shareholder, etc. And is that net loss a tax loss or a real loss? Because it is hard to distribute business profit from a business not making any money.