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, 3,400 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, 49,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $1,122,000 1,176,000 $2,298,000 471,000 $2,769,000 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