Walking Bear Resources Inc.
Equity Section of the Balance Sheet
March 31, 2017
	Contributed capital:
		Preferred shares, $17 cumulative, 2,300 shares authorized, issued, and outstanding		$	506,000
		Common shares, unlimited shares authorized, 38,000 shares issued and outstanding			912,000
		Total contributed capital		$	1,418,000
	Retained earnings				460,000
	Total equity			$	1,878,000

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, 2017, prepare the entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)