If you got a 4 or 5 on the AB exam, you don’t need to take any calculus because you will already have credit for M211.
https://admissions.indiana.edu/apply/freshman/ap-exam-credit.html
If you got a 3 or less, stick with M119 unless you want to pursue a math minor or something like that.
I did ACE 2 years ago first semester. I thought that was a good choice. You get put on a team with 5 other students, and it would be ideal to meet those people at the beginning of the year when everyone is trying to make friends. Both ACE classes grade pretty easily, but they are a lot of work and it was nice to get them out of the way during first semester. That said, there isn’t any major downside to taking it second semester - you’ll be fine either way.
Some perspective on other classes:
Compass is an easy A, but it has lots of annoying assignments that actually take a decent amount of time to finish.
Basic accounting skills doesn’t have any work at all, but 90% of your grade is based on 2 tests. To do well, you are probably going to need to study around 5 hours for each one, so plan accordingly. If you study enough, the material isn’t that hard, it’s more about recognizing all of the tricks.
Finite should be easy for you if you have already taken AP stats (stats will be easy too when you get there). I also took AP stats in high school and we learned most of the finite material at least indirectly.
G202, D270, and K303 are a few classes you could consider adding to 2nd semester if you need more classes. They are all fairly easy and enjoyable.
Use http://gradedistribution.registrar.indiana.edu/ and ratemyprofessors.com when choosing professors.
I was in a very similar situation 2 years ago, so feel free to ask me any questions about IU/Kelley/ACE.