Walking Bear Resources Inc. Equity Section of the Balance Sheet Contributed capitali March 31, 2020 Preferred shares, $17 cumulative, 3,500 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, 50,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $1,190,000 1,200,000 $2,390,000 472,000 $2,862,000 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 Record the conversion of 1,000 preferred shares into common shares. Note: Enter debits before credits.