2. Element Bancshares has 34,000 shares of $10 par value common stock outstanding. Suppose Element declares and distributes a 20% stock dividend when the market value of its stock is $18 per share. 1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required. 2. What was the overall effect of the stock dividend on Element's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Element's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Date May 11 (1) (2) Journal Entry Accounts Debit Credit (3) (4) 2. What was the overall effect of the stock dividend on Element's total assets? On total liabilities? On total stockholders' equity? The stock dividends have (5) on total assets. The stock dividends have (6) on total liabilities. The stock dividends have (7) on total stockholders' equity.