Required: a. Refer to the equity section above. Assume that the preferted are convertible into common at a rate of eight cominon sharts for each share of preferred. If 1,000 shares of the preferred are converted into common on Apil 1, 2023, prepare the journal entry. Journal entry worksheet Record the conversion of 1,000 preferred shares into common shares. Whate Emist depits Defare credits