Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: 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, 2023, prepare the journal entry.

Walkine bean kesources the. fquity section of the Balance sheet warch 31, 2e23 Contributed capital: Preferred shares, 517 cumilative, 3, sea shares authorized, iswued, and eutstanding Common shares, unlinited sharet muthorized, 3. 1,199, ese se, eve sharet iswed ahd eutstanding Total contributed capital Retained earnings Total equity Required: a. Refer to the equity section above. Assume that the preferred are corvertible into common at a rate of eight common shares for each share of preferred if 1000 shares of the preferted are corverted into common on Aprd 1, 2023, prepare the journal entry