Problem 12-3A Convertible preferred shares LO4, 5

Problem 12-3A Convertible preferred shares LO4, 5 Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2020 Contributed capital: Preferred shares, $17 cumulative, 2,900 shares authorized, issued, and outstanding $ 812,000 Common shares, unlimited shares authorized, 44,000 shares issued and outstanding Total contributed capital 1,056,000 $1,868,000 466,000 $2,334,000 Retained earnings Total equity Required: a. Refer to the equity section above. Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. If 1,000 shares of the preferred are converted into common on April 1, 2020, prepare the journal entry. View transaction list Journal entry worksheet View transaction list Journal entry worksheet