Average Corporation has the following shares outstanding at the end of 2022: Preferred shares, $3, no par value; 8,000 outstanding shares Common shares, no par value; 30,000 outstanding shares On October 1, 2023, the board of directors declared dividends as follows: Preferred shares: Full dividend amount, payable on December 20, 2023 Common shares: 10 percent common stock dividend, issuable on December 20, 2023 On December 20, 2023, the market prices were $50 per preferred share and $32 per common share.

Required: Determine the effect of each of the dividends on the assets, liabilities, and shareholders equity of the company at each of the specified dates. (Indicate the direction of the effect by selecting increase, decrease, no effect from the dropdown menu.)

\begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Item } & \multicolumn{1}{|c|}{ Dates } & \begin{tabular}{c} Effect of Cash Dividend \\ (Preferred) \end{tabular} & \begin{tabular}{c} Effect of Stock Dividend \\ (Common) \end{tabular} \\ \hline Assets & Declaration date & & \\ \hline & Assessment Tool i irame & & \\ \hline Liabilities & Declaration date & & \\ \hline & Payment date & & \\ \hline Shareholders' Equity & Declaration date & & \\ \hline & Payment date & & \\ \hline \end{tabular}