Retained Earnings on Balance Sheet

Retained Earnings, (RE) is last years net profit. Each year at the start, after all income tax adjustments are made, RE should be cleared to owner equity with a journal entry/
debit RE for the balance and credit owner equity for the same amount

During the year current year net profit is also posted to RE, this keeps the accounting equation in balance assets = liabilities + equity.

Thank you! My CPA hasn’t really created any JE for that so maybe that is why it looks weird. This is the first time anyone has asked for a Balance Sheet. My S-Corp is just a pass through for my business with an employee of 1 (me). Is there a way to backfill this data for previous years to make my Balance Sheet look more accurate?