Refer to the equity section above. Assume that the preffered are convertible into common at a rate of eight common shares for each share preferred. If 1000 shares of the preferred are converted into common on April 1,2020. Preapre the joirnal entry

Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2020 Contributed capital: Preferred shares, $17 cumulative, 1,600 shares authorized, issued, and outstanding $ 240,000 Common shares, unlimited shares authorized, 31,000 shares issued and outstanding 744,000 Total contributed capital $984,000 Retained earnings 453,000 Total equity $1,437,000 Journal entry worksheet 1 Record the conversion of 1,000 preferred shares into common shares. Note: Enter debits before credits: Date General Journal Debit Credit April 01, 2020 Record entry Clear entry View general kumar