Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2020 Contributed capital: Preferred shares, $17 cumulative, 2,400 shares authorized, issued, and outstanding Common shares, unlimited shares authorized, 39,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 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. $ $1,4 4 $1,9 5