Centerville

Bancshares has

35,000

shares of

$1

par value common stock outstanding. Suppose

Centerville

declares and distributes

an

8%

stock dividend when the market value of its stock is

$18

per share.

1.

Journalize

Centerville'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

Centerville's

total assets? On total liabilities? On total stockholders' equity?

Question content area bottom

Part 1

1. Journalize

Centerville'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 EntryDateAccountsDebitCreditMay11