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Element Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Element declares and distributes a 1% stock dividend when the market value of its stock is $22 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.) Journal Entry Date Accounts Debit Credit May