Crystal Clear Water Sports has 10,000 shares of $3 par value common stock outstanding Crystal Clear distributes a 5% stock dividend when the market value of its stock is $20 per share Read the requirements Requirement 1. Journalize Crystal Clear's declaration of the stock dividend on May 15 and distribution on May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Start by journalizing the declaration of the stock dividend on May 15. Date Accounts and Explanation Debit Credit May 15 Now journalize the distribution of the stock dividend on May 31 Date Accounts and Explanation Debit Credit May 31 Requirement 2. What is the overall effect of the stock dividend on Crystal Clear's total assets? The stock dividends have on total assets Requirement 3. What is the overall effect on total stockholders' equity? The stock dividends have on total stockholders' equity Requirements t2. wider 1. Journalize Crystal Clear's declaration of the stock dividend on May 15 and distribution on May 31. 2. What is the overall effect of the stock dividend on Crystal Clear's total assets? 3. What is the overall effect on total stockholders equity? ent 3. divider Print Done