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 1,200,000 2,390,000 2,062,000 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 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry
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 1,200,000 2,390,000 2,062,000 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 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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![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,
se,000 shares issued and outstanding
Total contributed capital
Retained earnings
Total equity
1,190,000
1,200,000
2,390,000
472,000
2,062,000
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 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4ac1ee3-ca27-4433-be6f-08c6423e4aaa%2Fb4567fc3-de25-40a9-b46b-124a9b4562e4%2F3uqs6ng_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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,
se,000 shares issued and outstanding
Total contributed capital
Retained earnings
Total equity
1,190,000
1,200,000
2,390,000
472,000
2,062,000
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 1000 shares of the preferred are converted into common on April 1, 2023, prepare the journal entry
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