Question -2

Required: o. 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, 2023, prepare the journal entry. Required: o. 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, 2023, prepare the journal entry. Journal entry worksheet Record the conversion of 1,000 preferred shares into common shares. Note: Enter debits before credits