Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 3,300 shares authorized, issued, and outstanding $ 1,056,000 Common shares, unlimited shares authorized, 48,000 shares issued and outstanding 1,152,000 Total contributed capital $ 2,208,000 Retained earnings 470,000 Total equity $ 2,678,000 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, 2023, prepare the journal entry