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

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3 Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 2,900 shares authorized, issued, and outstanding 812,000 Skipped Common shares, unlimited shares authorized, 44,000 shares issued and outstanding 1,056,000 Total contributed capital Retained earnings Total equity 1,868,000 466,000 2,334,000 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. 3 Skipped View transaction list Journal entry worksheet 1 Record the conversion of 1,000 preferred shares into common shares. Note: Enter debits before credits. Date April 01, 2023 General Journal Debit Credit View general journal Record entry Clear entry 3 Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2023 Contributed capital: Preferred shares, $17 cumulative, 2,900 shares authorized, issued, and outstanding 812,000 Skipped Common shares, unlimited shares authorized, 44,000 shares issued and outstanding 1,056,000 Total contributed capital Retained earnings Total equity 1,868,000 466,000 2,334,000 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. 3 Skipped View transaction list Journal entry worksheet 1 Record the conversion of 1,000 preferred shares into common shares. Note: Enter debits before credits. Date April 01, 2023 General Journal Debit Credit View general journal Record entry Clear entry

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